The eTitling/eRegistration Automation Pilot (“Pilot”) is spearheaded by MOBI’s Finance, Securitization, and Smart Contract (FSSC) Working Group (WG) with contributions from Accenture, Altaventure, Amazon Web Services, BMW Bank, CEVT, Connections Insights, CO-OP Financial Services, ConsenSys, D.E. Consulting, DENSO, DMI, Ford Credit, Global Debt Registry, GM Financial, Honda, IOTA, Itochu, National Automobile Dealers Association (NADA), Nissan Motor Acceptance Company, On the Road Lending, Orrick, Quant Network, Quantstamp, Reply, RouteOne, Southeast Toyota Finance, Spring Free EV, Stellantis Financial Services, Tezos Foundation, Toyota Industries Corporation, Trade Log, and USAA.
Across the U.S., there are hundreds or even thousands of jurisdictions with unique databases and processes for handling registration and titling. While organizations in some of these jurisdictions have begun digitizing certain processes, it is difficult to automate eTitling/eRegistration across state lines with existing centralized platforms and databases. The sheer amount of stakeholders involved means that the frictional cost of trust is extremely high, and centralized solutions lack the interoperability and data security needed to address the challenges facing the ecosystem. Solving these pain points requires a secure solution that can be easily and cheaply adopted across all jurisdictions rather than one that functions at a state, county, or municipal jurisdiction level.
MOBI leverages standards-based Self-Sovereign Digital Twins™ (SSDTs)™ — decentralized universal translators — for ecosystem interoperability. SSDTs™ can be used by stakeholders within their existing applications to increase the efficiency of registration and titling for vehicles at the point of purchase or transfer. In Phase 1 of the Pilot, the FSSC WG will demonstrate privacy-preserving multiparty business automation for eTitling across jurisdictional and organizational lines. SSDTs™ will be used for communication interoperability without the need to build new infrastructure. The WG is currently drafting high-level requirements for the pilot. Phase 2 will include real-world implementation.