On Aug. 30, Ernst & Young (EY) launched its newest project dubbed “Tesseract” for autonomous vehicle fleet management.
The firm is one of the leading providers of assurance, tax, transaction, and advisory services worldwide. The integrated mobility platform is designed to digitally log vehicles and trips onto a Blockchain, and to facilitate multi-party vehicle ownership.
According to EY’s global automotive and transportation head, Randy Miller, the project will improve the management of shared-use vehicle ownership and the future of autonomous vehicle fleets, whose growth is expected to generate new revenue and value streams in the long term.
“The future of the automotive and transportation industry will be integrated, on-demand, personalized and autonomous. 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.”
Other highlights/benefits of the project
The Tesseract platform is intended to resolve the basic issues that are associated with widespread shared-use vehicle ownership through its underlying Blockchain technology. The Blockchain will expedite automatically executed transactions among vehicle owners, operators, and third-party service providers by utilizing a single source, usage-based payment system.
In his comment on the project, EY’s global innovation leader Paul Brody said that the use of Blockchain for automotive services will allow true peer-to-peer interactions between vehicle owners.
“The time has come for Blockchain to reshape the automotive industry. Using Blockchain for automotive services permits true peer-to-peer interactions between owners with minimal infrastructure requirements. Data can be stored permanently and managed securely while automated permission and transaction processing will be made much easier.”
EY has always been one of the leading advocates of Blockchain technology in the professional services industry, as the company hosts regular hackathons to help explore more of the technology’s applications in various industries.