Irfon Watkins at Chainges – Blockchain in the Automotive industry

Irfon Watkins at Chainges – Blockchain in the Automotive industry


hi my name is Reuben Watkins founder of and of dovo and CEO of Dover I’m gonna give you a little sort of overview of what a what dovo is just to sort of get my credentials out there and then I’m going to go into some use cases around how blockchains being used in the automotive space some of the pilots that we’re working on and and sort of go into as much detail as I’m allowed to under some of the ndas that we’ve got and then just explore things are a little further really SoDo vu I founded over about sort of 18 months ago dov’è really is the token we set it up to be the token for the mobility sort of space a token that you can earn and a token that you can spend and you can earn it by doing activity and you can earn it by doing things that are beneficial in that in the mobility space and then spend it wherever wherever you want to in the in the ecosystem so I pitched this idea to Jaguar Land Rover through their venture capital arm in motion ventures and they they said yeah sounds great here’s some here’s some cash you know take it to the next to the next stage so we started to develop this proposition with seed investment from Jaguar Land Rover and and then what we did is went out into the marketplace and did a token sale in October of last year which in itself is an interesting experience when you have a strategic sort of corporate investor on board that owns equity in your business to go out and do a token sale and I’m so happy to talk to anybody about that if anybody’s interested the we did a very small token sale in a very small window of sort of six weeks or so last year in October and and then we went out and and continued our sort of business development people contribute to the future of this is own action smart cities needs smart citizens game of high mobility and accelerate innovation say hello to Dover a token you earn and spend by sharing and changing the way you travel whether you’re working on connected cars public transport or autonomous vehicles the DOE of token facilitates a new transfer value transactions are secure and reliable even when you don’t know each other smart contracts define the agreement between individuals and connected things to share and transact in a transparent and controllable way tokenized incentivization will power future business models join the movement [Music] so a little video very basic for this sort of room where you sort of you know get to understand blockchain and how it works but one of the things that that’s been fascinating to us as we as we’ve gone through this sort of process is the appetite from the automotive sector in embracing blockchain not just for the business model that doe who has which is a wallet where you earn and and spend tokens for doing activities but across the supply chain and a whole plethora of other areas as I say I’ll go into some sort of use cases in a minute there was an initiative that was launched two days ago over in Dubai called mobi the mobility open blockchain initiative and 70% of the automotive sort of industry signed up to that including some of the software companies like IBM and others and we’re one of the founding partners of that of that initiative I think there were 30 that it launched with including sort of IOT a sort of dough voo and you know IBM as well as the usual suspects in the automotive sector you know BMW etc and Renault as well so um we’re very proud to be part of that initiative and we’re going to see that sort of develop as we work in a very open and collaborative way to create some standards across the sector not just as a safer supply chain where there’s some great work being done in terms of looking at all the different elements of you know components as they come into a factory you know ledgering when they come in ledger and when they leave you know through to you know using blockchain to do some authentication and to manage some of the security that’s something going on within the within the sort of cars cars itself but actually when you take a look at mobility it isn’t just about that car of course it’s not just about the hardware it’s about a much wider ecosystem as these automotive sort of OMS big car companies move and invest across other you know sort of mobility services such as you know hourly car hires public transport you know bikes a whole range of things that these car companies are getting involved in right now they see that actually they need to play in the space of mobility not just building cars and create a sort of an ecosystem and what it is that the the unwind mobility plays an important part in in the sort of blockchain is that it releases certain types of behavior or or it encourages certain types of behavior so when you’re able to remove Fiat from an equation when you’re able to apply smart contracts and when you’re enable to lead your stuff on the chain what you can do is start to look at one encourage in certain types of of behavior making sure that it’s a trusted interaction between the driver and the and the car companies and also just nudge people you know and this is really where we’re I think blockchain and tokens and the tokenization of behavior starts to sort of you know be you know resonate with the companies that we’re dealing with because it’s one thing to have a technology such as an electric vehicle and a battery there’s another thing in terms of educating the driver how to charge that electric vehicle correctly to make sure that the range of that vehicle is as maximum that it could be and also to encourage the driver to you know sell some of that charge potentially back to the grid and also encourage the driver to charge in certain areas of the city where there where the supply is optimum at that moment in time so how do you do that how do you nudge people to do sort of behaviors that they don’t normally do and I think by adding tokens gamification blockchain is a ledger you can start to move and encourage sort of behaviors so what are we working on you know some of the blockchain initiatives that we’re working on right now and again just to put some context into where dovo is we’re working with about 70% of the of the vehicle global vehicle companies right now manufacturers and working on pilots this whole space really is in the pilot phase if anybody claims that they’re actually going out to market on a huge scalable sort of solution I wouldn’t sort of believe them right now it’s really about pilot in its pilot in the technology but more importantly really as well as pilots in the token economics it’s pilant in how that whole thing work and whether or not you can use tokens to nudge sort of behavior and reward behavior in a particular way so how do you know how do you incentivize in your tone you know in this sort of automotive industry first of all you got to define a divide a line between what is car data and what is and what is you know consumer or driver data you know so who owns what and and where so the that’s a whole different discussion and that’s really not for the blockchain that’ll keep lawyers happy for years to come I’m sure and gdpr will we’ll only sort of go to to sort of muddy the waters or help depend on what side of the argument you are but what you can do with that with blockchain is you know one reward data sharing number two be open about who you share in that data with a number three store on the chain you know the fact that that data has been shared with with sort of different people so it’s important when you look at the car as a platform not just as a car that actually they have all of these things in place that their innate that they’re enabling that so we’re working on sort of areas or areas around that the other element is you know if you’re going to be a good citizen and you know maybe you want to drive less maybe actually you want to take advantage of all the different mobility services that are out there so we’re all creatures of habit well I’m saying we’re all but most of us are creatures of habit we sort of tend to take the same journey to work we tend to take the same journey to familiar places it’s the same route normally on the same mode of transport and as we drive past you know you know people use in you know a cycle higher by the hour we go ah that’s interesting that’s great maybe next time I’ll have a go at that basically what we’re trying to do is to nudge people to use the different myriad of mobility service that are that are right there and that’s linked to smart cities it’s linked to or the Ottoman sector it’s linked to a whole range of different sort of stakeholders that we that we work with in this sort of sector but it’s it’s really about creating about the the encouraging people to do something that they wouldn’t have done before and you need to apply nudge economics you need to apply tokenization and gamification now if you’re all doing any buzzword bingo you could have won a big prize there but it’s if you wrap all those things up these things actually do work because do you know what it’s nothing new you know it’s nothing new it’s just wrapped up and applied in a sort of in a in a in a different area the and of course you know if you’re gonna reward tokens then and you create loyalty you know one of the things that we’re working with certainly with the airline industry is how do you create a new sort of a biast points how do you create a new airline so of incentive sort of scheme because you know if you can charge your car get rewarded for charging it in the right way and then use those tokens within an airline you know for travel or use it a hire a bike or anything else suddenly this lease loyalty token schemes become pretty useful across the mobility sort of spectrum big one this is that we’re working with multiple vendors on is this electric vehicle charging but if God in the automotive sector really is how we buy cars has changed dramatically over the last number of years so we tend to lease them so therefore somebody else owns them and we rent them or lease them one of the big challenges for the car companies is what’s the value of a three year old electric vehicle how do they put that on their balance sheet as a as a sort of value well a lot of its going to depend on the battery a lot of is going to be depend on how you use the battery so anything that nudges people to use that battery in an optimum way will have a benefit not just for the owner of the car and which may be the car company themselves but also for you is the driver and the consumer because you’ll feel more comfortable about the range that that car can deliver so again when you’re entering a new era where you’re introducing new technologies you have to remember the human aspect of it and the human aspect of it needs sometimes a little bit of a nudge you know you can’t just hit them with a stick you have to sort of encourage and cajole certain types of behavior and and that’s really the area that we’re that we’re sort of focused in the same with infrastructure integration so we’re looking at sort of blockchain on car parks blockchain into parking meters blockchain and tokens when it comes to you know paying for our toll roads and so on embed in a token within a dashboard of a car and enabling that token to be used as a method of payment without you having to leave the car are all things that seem obvious and and they’re obviously been worked on and they’re some of the pilots that we’re working on some of the things which are a bit more out there that we’ve got a sort of an R&D team working on or around the autonomous fleet payments and autonomous what I mean by that is like if there’s no driver how do you overtake somebody you know how do you sort of get to your appointment on time and how do you make that those negotiations with a fleet of autonomous vehicles that are all around you so there has to be a negotiation and there has to be a method of payment whatever that payment is or exchange of value so you know I may say look I wanted the next for the next 10 minutes I want to overtake all of the cars in front of me because I really need to get somewhere there has to is a say there that the process of doing that using tokens and linking it to other sort of elements are things that we’re experimenting right now and all of its sort of legit on the blockchain because one of the things that the blockchain will do let’s say I’ve negotiated with the first ten cars that I see and they’ve all said yep you can overtake me that’s fantastic so I’m bombing along and then sort of the fourth car just pops out in front of me we have an accident you know great to have a ledger there somewhere where it’s being agreed timestamp that actually we although all of those cars did actually agree that I could overtake them so there’s no sort of argument that that would have or wouldn’t happen we’ve talked it’s sort of a little bit about this this is sort of an area that we’re not you know as a company involved in but these are the areas that that certain form part of this this consortium that we’re working with and some of the partner companies that we deal with so security on sharing you know personal assets you know owning your own sort of you know digital footprint all of those things are going to be pretty key and again blockchain is going to play a really important part of that and that’s going to be an important part of the value proposition of the of the car companies as tailoring the services around around basically you know owning or understanding that all the VIN the VIN number is the vehicle identification number so one of the statistics and forgive me I’m not a big fan of using statistics because they’re normally wrong something like 25% of vehicles that are out there the history of those second-hand vehicles are not accurate in other words people say has never been in an accident they said that they’re using the parts from a from a verified supplier but they’re not they’re binding online somewhere and from an unknown source so actually they’re all the components within that vehicle a lot of them you just don’t know where they come from and and the quality of them so but I able to having a register of all of the components of every sort of vehicle and every time one of those components has changed it’s Ledyard and then if you want to buy a second-hand car you can just take a look at that register and then you can sort of identify all the different elements on it I think that’s going to become more and more interesting and certainly an area that that’s been invested in and pretty pretty heavily and all that sort of ties in with the insurance industry of course so you know would you get a better premium if your vehicle had all of its elements registered on the chain and you knew the whole history of it would that benefit you in terms of an insurance payment but moving ahead it’s the L of that is the ability of blockchain as well to look at from the insurance industry to look at an instant claim you know validations and again that’s not our business as dov’è but that’s an area that that sort of pulled into the whole sort of blockchain ecosystem the excuse the sort of dovo centric sort of slide here really but this is what’s driving and excuse the pun as well this is what’s driving the you know our engagement and involvement in the sort of industry the smart contracts are fascinating mostly they’re not very smart and the definition of whether they are a contract and art can sometimes be left open to interpretation you know but what they do do is move an argument around where you it’s very easy to do a simple if this then that sort of transaction when which is perfect for sort of tokens one of the big challenges of course is that when we scale this side so how do you scale this out on a public chain can you scale it out on a pond on a public chain well what we do when we are with our development is that we’ve created our wallet a Dover wallet that wallet sits in the in the App Store well under our enterprise account and is distributed right now to BMW BMW of the first client that we’ve been working with on this so a BMW branded wallet we look at product eyes in this experience in other words a BMW Drive it doesn’t need to download a private key doesn’t need to sort of manage all of that so the wallet is if you’re familiar with coinbase it’s very sort of familiar to that so you enter your username enter your password own your wallet and then what we do is deliver based on a series of smart contracts we deliver tokens into that wallet based on certain types of behavior that are set by BMW and the value of that behavior is set is set by BMW in this smart contract and then it’s delivered the only way we can do that on scale is a mixture of side chain and public chain and those are the things that we are spending a lot of time on so for blockchain to be fully embraced by the automotive industry on a consumer level on a driver level you need to productize it you need to remove these sort of blocks you don’t need to be a crypto sort of fan owned your private key you can but you don’t need to it’s gonna spoil the adoption you need to start to look at it product ties in it which as I say we like that’s sort of what we focused on nobody really cares my brother who doesn’t care about crypto drives a car he’d love to sort of earn some rewards and tokens and sort of involve himself with all of this but doesn’t want to download a private key or worry about all that sort of nonsense the the whether it’s a side chain whether it’s a public chain no one cares nobody cares some of us in this room might you know and but actually in terms of scale nobody cares certainly our clients don’t care the the other side of it is knowing when to use blockchain and when not to use blockchain we’re a blockchain company you know we’ve raised money we’ve got our own own token but you can’t deliver a fully grown product right now to the market if everything is on chain and and and and I think one of the challenges or interesting things that I’ve discovered as I’ve gone round and started building this company and looking at my peer group is that too much of it is thought of too much of this stuff is built on the chain when it’s just not needed to be so you know I think that the key message really is the the fact that look judging by the activity that we’d of the mobi launched two days ago blockchain now is treated and being taken very seriously by you know most of the car companies in the world they’re plowing investment into it they’re opening up collaboration and this is the interesting part as well if you take if you thought about the car industry a number of years ago the idea that they would all be up working together on an open mobility sort of our sorry ability open blockchain initiative it sort of an oxymoron to most of the behaviors of car comedies which tend to be very closed guarded and protected so blockchains encouraging sort of a more open environment it’s encouraging companies like us to come in and and work with these large sort of organisations and they doing that because they understand that blockchain can change and transform a lot of their business practices and actually to encourage people to use the different plethora of mobility services are out there you know it’s it’s a key component of that I think that’s enough for me so I’m gonna be up there I think later at one of those tables chatting about the business side of what we’ve done in terms of raising the the seed money doing the token sale build in our pipeline working with the largest sort of car companies in the world how have we done that in a very happy to share that there’s no magic to it really so the and thank you very much [Applause]


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