Tokenisation of Mobility
A vision of how mobility will be changed by De-Fi and Web3
The car industry is on the brink of a massive change - Blockchain.
Thanks to technologies like blockchain, Metaverse and NFTs, we are about to see a new era in Web3 development in which the consumer is put front and centre. Decentralisation is the future of the automotive industry.
Modern trends in the development of mobility include self-driving cars and how we may control them, generation, storage and collection of the vehicle data, autonomous vehicles, smart road taxation, proof of ownership, proof of history, and onboard entertainment.
The next generation of cars will be completely different from the machines we drive today and we are about to enter an age of high-technology. Calculations, transactions and interactions. A world where mobility makes decisions faster, smarter, and better than human drivers. Only the blockchain is capable of supporting these technologies, and providing the holistic solution to the future of transportation.
Current state of technology
But let’s have a look at where Mobility is at present and what developments are already on the go.
A very simple but high impact case of mobility generated data use belongs to the Uber Movement project where data gathered across 10000 cities helps urban planners make cities smarter and safer. From force-majeure situations, unplanned closures to big events and understanding how cities actually move. Data is value, it’s just a matter of time before we get more used to data driven decision making in all areas of life.
The blockchain can connect manufacturers and vehicle owners and allow them to pool information on a tamper-proof ledger. It could help the technology take a quantum leap forward and save lives. Currently a number of brands are collecting data from its vehicles. These cars vacuum up all sorts of data from their surrounding environment with sensors and cameras. Obtained data is used to develop and refine the vehicle systems, which could be sold to its customers as a value-added service. It’s a simple software update, with no additional hardware installed, yet, it can be sold to customers as additional service. Forward looking car brands turn this stream of data into a new service that triggers customer engagement or enables the customer to get more from their product. Sounds great, right, hold that thought.
SAIC's high-end smart electric vehicle has become the first to enter the Metaverse era - a digital world that exists in cyberspace; it’s like a cross between the internet and a video game. And it’s quickly becoming the go-to place for people to socialise and do business. They created a precedent for the integration of the automobile field and the Metaverse track, which is of great significance to automotive development. We are talking about an electric vehicle with cutting-edge and youthful concepts and focusing on technological elements. These cars are seen as a value bridge linking users to the Metaverse ecology, and are expected to become the first car company to promote the automotive sector to Web3.
Airlines have been using augmented reality (AR) to develop digital testing scenarios and realistic testing programs for years. However, did you know that automakers use the same technologies to increase safety during the production, testing, and customer driving processes? As a result, displaying pertinent information immediately on the windshield in the driver's field of vision is important for enhancing safety. Heads Up Displays now display the most important information on the windshield, such as navigation directions, distance to the next turn, and speed. AR is here to help improve navigation and entertainment systems, as well as increase car safety. It can help with navigation, adaptive cruise control, and lane departure warning, for example. AR-assisted dashboards, real-time traffic signs and accident warnings, and AR entertainment systems are among more examples. As a result, drivers have immediate access to information about their surroundings and road conditions.
Now let’s have a look at some of the Experiences that may change very soon due to blockchain technologies.
The new car concept
Let’s start with the brand new car purchase where you will be given an NFT that is unique, owned by you and acts as your personal Oracle that collects and stores all data about the car including: Proof of Ownership, Service Records, Parts Performance, Fuel Level, Car Safety and connection to suppliers for timely parts replacement. But that’s not all, your NFT is your car access and security (with Private Key that only you have access to and possibility to issue Public Keys if you are willing to share the car with friends or family). You access/drive the car via native App and use the App to onboard a variety of services (we will touch on some opportunities shortly). The NFT will be able to connect you to Multiverse and allow for AR experience access. On top of that you will have a Wallet that allows you to not just pay for services, but also to get rewards, all while you drive!
Get rewarded for driving
Now, remember the “hold that thought moment above?”; the next part of owning a car in the future is very exciting. Essentially, we are of the opinion that you will be able to earn as many rewards as you like while driving. How? Easy, by participating in De-Fi blockchain based projects; in fact, a lot of these projects are already on the go and quite profitable. It will look like this - You, as the owner, will be able to share your car data with manufacturers and suppliers and get rewarded for it! You may choose to share it with 3rd parties instead too. The manufacturers need to service your car and it’s a big market, suppliers want to sell you those parts that you may need as soon as you need them. Performance data helps to build better parts, so a lot of parties are after your data. Current state of affairs, where manufacturers ultimately collect your data free, will end. Insurance business models will change, we will be likely to pay use-based premiums that can be offset by safe driving habits - again data - you may choose to share driving data with your insurer and get rewards. Air quality data is another potential source for passive rewards, just set a sensor, drive and share. With the development of AR we may get car based ads to watch (while parked) and get credits for it. Government is likely to collect traffic data, again, share it as you drive and get rewarded. If the car comes with solar panels, charge them and offset your chagrin fees.
Another big part of the future driving is making it more pleasant for the driver. Here, the world of AR will introduce its benefits in multiple ways. We will touch on one option that is likely to become applicable for self-driving cars while on a longer stretch of the trip where artificial intelligence can safely take over vehicle control. The driver will be able to use the windshield as a huge screen that allows to combine monotonous landscapes (imagine driving endless motorways) with Metaverse. We are likely to face a real landscape with augmented landscape that will brighten up the journey, maybe even let you be Metaverse-active.
Park with benefits
Let’s talk about having your future car parked, cause it may still earn you some passive income. With cities getting more dense population wise and road infrastructure staying the same, we are facing a lot of issues with parking in general, finding parking spots close to venues etc. So, you may get rewards for mapping out available parking spaces or keeping your car off road during peak hours. Some other beneficial activities while parked can include watching sponsored content, adding businesses on the map, use gamification and play with your friends or even better - Loan your car to somebody else while not in use! This idea is amazing from a number of points, first of all, your car is being driven, keeps generate data that you are being rewarded for; second, it is kept off the side of the road while you are busy or resting (unless it’s garaged); third, you are helping to minimise traffic by supporting car share infrastructure; fourth, you can get paid for it, or a hirer may offer to clean it after use as a payment or partial payment; fifth, all you need to do to share it is to generate a public key from your NFT and share with the person who needs a ride. Everyone wins!
Driving challenges
While we covered a lot of scenarios already, there is something else we need to touch on - more opportunities for rewards as well as making your trips more enjoyable. We see the future of mobility as smart, decentralised, based on data and motivating the right behaviours. With that in mind, we assume that the future will have a number of challenges that drivers can choose to do and be rewarded for it. As an example, the local government no longer needs fleets of people and cars to keep an eye on the roads (unless it’s specialised road maintenance equipment). As a driver, you may choose to participate in a “Proof of Drive” challenge and detour on your way to cover a specific stretch of the road in question, share vehicle data for that trip with the government and receive a predetermined reward. Same principle can work for road decongestion.
Additional benefits
When we leave the car parked after a long day, it still is capable of making some passive income. We already know that a lot of mining devices these days are very low on power consumption. Future hardware will be even more energy efficient, so we are safe to assume that while you sleep or away from the car, it can continue mining rewards via provision of network coverage, weather updates, exhibiting external car ads, and providing remote data servers.
But what about you, the car owner? Is there anything for you to do with the car while you are relaxing at home? Definitely! Your car NFT also gives access to a Marketplace where you can manage your vehicle. You are able to plan to loan it the next day, or carpool, or organise car cleaning whether for payment or by leasing it for a part of the day to cover the service. The multitude of options is available for you. The NFT is also your access to certain perks and benefits like exclusive memberships that were provided by the manufacturer, but also the ones you decided to join after car purchase. All transactions will be safely handled by your blockchain based wallet.
Conclusions:
Customer touch points will evolve both before, during and after new vehicle purchase;
Customers will get control over the data they generate daily and will be able to monetize it;
We will see the emergence of new business models including the ones described above;
New technology will introduce new digital experiences that will be introduced into mobility and beyond;
Mobility will become more inclusive and accessible as technology develops.
