This is a visitor opinion publish from Tram Vo, Co-director + Founder, MOBI.
The convergence of a number of quickly maturing applied sciences, similar to AI, IoT, and blockchain, permits any connected entity — whether or not an individual, vehicle, system, bundle, piece of infrastructure, or knowledge set — to speak and autonomously take part as an unbiased financial agent in transactions. These utilization-based mostly (pay as you go) economy-of-things transactions will:
- Create new alternatives to monetize mobility belongings similar to infrastructure, automobiles, roads, and connected knowledge
- Enable a much less centralized transportation ecosystem
- Generate new utilization-based mostly decentralized mobility purposes similar to seamless journey utilizing completely different modes of transport, city street tolling, congestion pricing, utilization-based mostly insurance coverage, incentives for inexperienced and sustainable conduct, provide chain monitor and hint, and quite a few different use instances that we’ve but to think about.
These transactions — the trade of worth, items, and knowledge between entities in the economic system of issues — will produce a multi-trillion-greenback pay-per-use ecosystem we’ve termed The New Economy of Movement.
The New Economy of Movement requires a brand new approach of figuring out folks and issues, one which is blockchain-based mostly, self-sovereign, decentralized, and machine readable. These are often known as decentralized identifiers (DIDs).
DIDs give people and organizations the energy to personal and management their digital identifiers, breaking the reliance on third get together authenticators and centralized authorities. In a decentralized system, DIDs are embedded in Verifiable Credentials (VCs). Those VCs could also be created by trusted entities, similar to authorities companies, companies, universities, or employers and issued to a “holder” of the VC. If we expect of the DID as a worldwide ID, then VCs are like digital passports, or distinctive stamps which serve to attest to particular details about an entity related to a particular DID.
In the New Economy of Movement, Web3 federated networks and decentralized platforms are wanted to handle DIDs and VCs to allow trusted knowledge sharing and enterprise automation. MOBI’s Web3 infrastructure consists of three member-owned and operated layers — collectively the MOBI Technology Stack (MTS) — wanted to confirm decentralized transactions between connected entities. Each layer with a special structure and operate, collectively forming a holistic method to Web3 purposes developed for decentralized connected ecosystems.
The three layers are illustrated beneath. The foundational layer is the MOBI consortium, which creates requirements to determine connected entities and shared enterprise processes. The center layer is mobiNET, a layer-two, protocol-agnostic digital infrastructure to offer trusted decentralized identification (DID) providers. The high layer is Citopia, a trustless decentralized platform to onboard DIDs and allow VC issuance for enterprise automation; monetizing belongings similar to infrastructure, providers, and knowledge.
MOBI Trusted Trip Credentials, Verifiable Identity and Location
Beginning with Vehicle Identity (MOBI VID, a vehicle’s digital twin based mostly on the internationally accepted vehicle identification quantity, or VIN) in 2019, MOBI has printed 13 blockchain-based mostly requirements (together with 9 in 2021) outlining sustainable decentralized options for digital identification administration, provide chain, vehicle electrification, mobility knowledge, and mobility-associated IoT commerce. The most up-to-date of these — the MOBI Trusted Trip (MTT) Standard — is probably the most necessary pillar of the New Economy of Movement.
For a visit to be helpful to entities in a decentralized utilization-based mostly ecosystem, it have to be trusted by all entities in the transaction. The MTT Standard hyperlinks an entity’s DID with its timestamped location in the type of VCs and permits the linkage to be licensed all through any journey in a trusted community. It is the key to decentralized privateness-preserving pay-per-use mobility.
MTT Verifiable Credential relies on W3C’s DID and VC Specifications. Using DIDs permits holders, on their very own phrases, to share trusted knowledge with different verified entities with out disclosing identification-associated info and different selective attributes. MTT permits a holder of such credentials to show to verifiers that it was current, accomplished a visit, used a useful resource, supplied a service, or carried out different related actions whereas safeguarding their Personally (or organizational) Identifiable Information (PII). MOBI Trusted Trip is the key primitive of the multi-trillion-greenback New Economy of Movement.
Linking decentralized identities with dependable and immutable location tracing, provenance, and chain of custody for knowledge, folks, and gadgets permits enterprise automation and interoperability in the economic system of issues. This consists of an enormous new class of automated pay-per-use providers in The New Economy of Movement. Specifically, MOBI Trusted Trip permits marginal value pricing – the place customers are charged based mostly on the extra value, together with social value, of what they devour – for many new courses of transactions similar to:
- Settlement of insurance coverage claims and premium calculation for utilization-based mostly insurance coverage
- Calculation and settlement of toll and congestion fees
- Verification of chain of custody for bodily asset switch and service funds
- Verification of emissions claims to challenge carbon credit/offsets
- Verification of vehicle upkeep, battery state-of-health, and many others.
- Verification of route waypoints and security parameters for each offroad and on-street belongings
- Supply chain administration; particularly bodily provenance of elements
- Finance and securitization — e.g., flooring plan audits
- Telecommunication and cellular connectivity — e.g., cellular house workplace, realizing the cellular belongings location for safety providers, and cellular endpoints
- Other use instances that require location and time-based mostly proofs of static and cellular belongings
Movement reveals our Most worthy preferences and behaviors. Web3 holds the potential to reveal new dimensions of our private knowledge, whereas giving us the instruments to regulate, defend, and monetize it. Web3 enterprise fashions will upend and outcompete as we speak’s dominant Web2 centralized platforms as shortly and decisively as these Web2 platforms changed the platforms that dominated earlier industrial and digital eras.
MOBI contributors and different adopters will take pleasure in entry to the reducing-edge markets, prospects, and enterprise fashions made doable in the New Economy of Movement. More importantly, the architectural and enterprise choices made by Web3 pioneers, together with the MOBI group, will decide the expertise of future customers.
Will Web3 notice the unique internet imaginative and prescient of decentralization, equal entry, and equity? Or will it strengthen the market energy of centralized platforms? We hope that the MOBI group, via their contributions to the New Economy of Movement, can positively affect the consequence.