EV Startup Faraday Future Joins MOBI Blockchain Consortium

author: Jacky Ho   

Electric vehicle startup Faraday Future (FF), announced today that it has joined MOBI, the Mobility Open Blockchain Initiative. FF plans to explore blockchain and distributed ledger technology (DLT) for use in the development of a digital mobility ecosystem that could make mobility safer and more secure.

FF is collaborating with MOBI and other industry, government, and non-profit partners to securely record vehicle driving data, manage ride-sharing and car-sharing transactions as well as vehicle identity and usage information. All of these transactions will be stored in a secure ledger.

Blockchain technology is considered more secure. Using blockchain, information is sent over a network of independent computers, known as a distributed ledger. This ledger records and stores each transaction, ensuring that transactions are secure and data privacy, ownership rights, and integrity are completely protected.

FF and partners believe that blockchain technology may create transparency and trust among users, reduce risk of fraud, and reduce transaction costs in mobility services, such as fees or surcharges applied by third parties.

"FF aims to bring to market a clean, intelligent, connected, and shared mobility ecosystem and being part of MOBI will help us to achieve that," said Shyam Sundar, FF Head of Product for Vehicle Software Platform. "Blockchain is a key emerging technology in the automotive and mobility space to make transportation safer, more affordable, and more widely accessible. We look forward to collaborating with other renowned partners on furthering this technology."

Through an open-source approach to software and standards, the MOBI consortium hopes to stimulate more rapid and scalable adoption of blockchain technology applications by other companies developing autonomous vehicle and mobility services.

"I'm excited that MOBI is coordinating this initiative to use blockchain technology to create a more open platform where users, owners, mobility service companies, and infrastructure providers can better control and monetize their assets, including their data," said Chris Ballinger, Chief Executive Officer of MOBI.

FF Founder and Global CEO, YT Jia, a support of MOBI, said, "MOBI's progress in creating an open and inclusive mobility value chain that benefits society in turn provides good theoretical and technical support for FF's vision of creating a shared intelligent mobility ecosystem that empowers everyone to move, connect, breathe, and live freely."

MOBI's other automotive partners and sponsors include BMW, General Motors and Ford. MOBI and its partners initially announced their collaboration at the Future Blockchain Summit in Dubai in April.

Faraday Future's headquarters are in Southern California. The electric vehicle startup has struggled with funding over the past two years which delaying the introduction of the FF91. In addition, FF experienced lawsuits and the departure of key executives over the past year. Some of its employees left to form their own EV startup.

In June, FF confirmed it secured $2 billion in funding from Evergrande Health, a Hong Kong-based holding company which will help the company to build and launch its first electric vehicle.

Just last week, the company released a statement saying it was "entering the final test phase for validating battery, thermal, and powertrain" for the flagship FF91, which includes three electric motors powered by a 130 kWh battery pack.

However, it seems that until FF releases its first electric car, joining the MOBI consortium will not do the company much good. FF still needs to produce the vehicles which can utilize MOBI's secure blockchain technology.

Jacky Ho