Leading consulting firm EY has launched an integrated mobility platform underpinned by blockchain technology.

Dubbed “Tesseract”, the platform facilitates fractional vehicle ownership, shared use, and seamless multimodal transport. EY said that the platform will help lay the groundwork for how autonomous vehicle fleets can be owned in the future and provide access to a variety of on-demand mobility options.

“With Tesseract, single vehicles, fleets and other transport services are available on the platform. Vehicles and trips are digitally logged 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”, EY said.

The company explained that the platform will offer multiple stakeholders such as OEMs, mobility and transport companies, and cities and infrastructure providers, among others, the opportunity to create new value and revenue streams. This, in turn, would simplify funding of expensive assets such as batteries and charging infrastructure.

"Tesseract is a groundbreaking, innovative platform that benefits every stakeholder across the mobility ecosystem. 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,” Randy Miller, EY Global Automotive & Transportation Leader, said. "Tesseract will allow operators to innovate, commercialize and scale new mobility businesses and revenue models. Vehicle utilization will increase, reducing wastage and ultimately creating a greener, more sustainable transport world."

EY further added that with this platform, investors, crowd-funders, and everyday users will be able to earn money from their investment based on others' usage of vehicles and individuals who could not previously afford a car will now be able to own a share of a vehicle.

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