BMW Group in Munich, is going to host an event demonstrating the use of blockchain in vehicles by next year. The first stage winners of the MOBI Grand Challenge will demonstrate their models in this event. For this, the Mobility Open Blockchain Initiative (MOBI) and the Trusted IoT Alliance (TIoTA), have joined together, as published in a press release on October 10.

The motive behind the MOBI Grand Challenge is to further explore blockchain in data sharing, coordination of machines and improvisation of the transportation as well.

As per the report, the project will be a 3-year long programme consisting of various competitions. For the first phase, the participants have to undergo a four-month preparation phase for getting shortlisted. They will have to manifest different applications of blockchain for the better coordination of the vehicles.

The company has set $350,000 of award amount for the first stage winners. It also includes tokens worth $250,000 from Beyond Protocol and $100,000 from Ocean Protocol.

Ocean Protocol is an ecosystem which provides tokens for sharing and computing services. The company has assigned a reward of about $1 million dollars in tokens to the MOBI Challenge. Similarly, Beyond Protocol is a Silicon-valley based firm which has administered $250,000 in the challenge. It has also provided a platform for securing the IoTs (Internet of Things) in the challenge.

The Executive Director of TIoTA and Member of the Board of Advisors in MOBI, Zaki Manian also expressed his views on this matter. He stated that a few companies have completed the end-to-end conceptual works. With the initiative, the company is hopeful of its development in blockchain.