Tezos Blockchain Invests in Chorus Mobility

Tezos Blockchain Invests in Chorus Mobility

The Tezos Foundation have announced they will support and seed fund architects of future transportation, Chorus Mobility. The co-operation will enable New York-based Chorus Mobility to employ Tezos smart contracts for autonomous vehicles and drones so that each vehicle becomes a viable financial entity, capable of sending and receiving payments.

It is envisaged that such peer-to-peer technology will also be used in human to vehicle connections, such as taxi hailing, as well as vehicle to vehicle connections to improve traffic efficiency and priorities. This protocol extends out to full V2X (vehicle to anything) where a vehicle communicates with infrastructure networks to allow for instant and decentralised payments to authorities or agencies.

Award Winning Technology

Chorus Mobility recently won The Mobility Open Blockchain Initiative (MOBI) hosted by BMW to improve the capabilities of autonomous vehicles with an emphasis on the areas of creativity, technical merit, potential impact and feasibility. The challenge involved 23 teams from 15 countries competing over 4 months to find solutions to a range of mobility issues.

The stated aims of MOBI of “…promoting standards and accelerating the adoption of blockchain, distributed ledger, and related technologies in the mobility industry” is closely aligned with Tezos’ own ethos of fuelling “social, political and economic innovation on a global scale.”

Founder and CEO of Chorus Mobility, William Vorobev, said the Tezos public blockchain “…is built with security in mind, and with the support of Formal Verification, which is a critical requirement for software development in the Automative Industry” and the partnership “…will allow us to build more secure smart contracts for human-to-machine interaction.”

Tezos have recovered from multiple lawsuits following their ICO that raised around $232 million to become involved in multiple projects and were earlier this year included into the Coinbase Exchange’s Custody programme allowing institutional investors to benefit from staking the Tezos token (XTZ).