EY Creates Blockchain-Based Integrated Mobility Platform for Vehicle Owners

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EY, a professional services firm with offices in downtown Detroit and the region, today announced the launch of Tesseract, an integrated mobility platform underpinned by blockchain technology.

The platform facilitates fractional vehicle ownership, shared use and seamless multimodal transport, and it will help lay the groundwork for how autonomous vehicle fleets can be owned in the future. EY says its Tesseract platform solves core mobility issues including widespread shared-use of one of multiple vehicles, and how a variety of mobility options can be integrated.

With Tesseract, single vehicles, fleets, and other transport services are available on demand via the platform. Vehicles and trips are digitally lodged on the blockchain and transactions are automatically settled between owners, operators, and third party service providers through a single-source, usage-based payment system. Ownership of the assets is flexible and can be on a full or fractional share basis.

As participants on a single platform, multiple stakeholders including OEMs, mobility, and transport companies, and cities and infrastructure providers will have the opportunity to create new value and revenue streams.

“The future of the automotive and transportation industry will be integrated, on-demand, personalized, and autonomous,” says Randy Miller, EY’s global automotive and transportation leader. “We want Tesseract to break down barriers to entry for all stakeholders, provide the means for mobility as a service, and facilitate a truly integrated ecosystem that puts consumers first in the future mobility marketplace.”

With new business models and income streams that will be created, funding of expensive assets such as batteries and charging infrastructure will become easier. Investors, crowd-funders, and every day users will be able to earn money from their investment based on others’ usage of vehicles, and individuals will now be able to own a share of a vehicle.

EY is a global leader in assurance, tax, transaction, and advisory services and more information can be found here.

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