On January 17 2020 Ocean Protocol revealed that their proof of concept (POC) with a leading car manufacturer was a success.
The success of this POC has initiated deeper engagement with two more lead customers, towards production deployment targeting the first half of 2020 and are also in discussions with many more companies.
When the NDAs are revealed covering these world-leading manufacturers we will see things get crazy for Ocean Protocol in 2020, this is real blockchain adoption on a global scale that will improve the lives of of millions of people.
In 2016, the world produced 16 ZB of data, but only 1% was analyzed — this needs to change
A lack of trust prevents data sharing, centralized data exchanges fail because they lack fair and flexible pricing mechanisms, data providers lose control over their assets, and there is a lack of transparency in how the data is used. So data remains locked up due to a lack of trust.
Use case: Autonomous Vehicles
A leading use case for proprietary data is autonomous (self-driving) vehicles. The RAND Corporation calculated that 500 billion to 1 trillion miles driven are needed to get AI models accurate enough for production deployment of self-driving cars.
Our collaborators at Toyota Research Institute (TRI) saw that it would be prohibitively expensive for each automaker to generate that much data on its own. The answer would be to pool data via marketplaces.
Then the challenge is, a single data marketplace may itself be centralized: we arrive at another data silo. We need a substrate that enables many data marketplaces to emerge. This is the goal of Ocean Protocol. Critical new benefits emerge: higher liquidity for each marketplace and organizations are directly incentivized to pool data rather than silo it.
AI advances six times faster, when data is available
AI models have limited accuracy and usability without appropriate data. Ocean Protocol provides the tools to unlock the remaining 99% of untapped data, connecting them to AI, so we can develop more breakthroughs to help our society, this is a perfect scenario for Autonomous vehicles and pooling data together.
Bringing Data Sharing for Autonomous Vehicles and Insurance via MOBI
While working at the Toyota Research Institute (TRI), Chris Ballinger was advocating for data sharing between automakers, ride-sharing apps, logistics companies and autonomous car start-ups so that a base level of reliability for autonomous cars could be reached. They called it the “Trillion Mile Challenge.”
Naturally, when Chris stumbled on a series of blogs from Trent about how AI and blockchain were natural allies, his interest was piqued. We connected and within 8 weeks, developed a prototype called AVDEX, the Autonomous Vehicle Data Exchange built on BigchainDB. The prototype was announced on-stage at Consensus 2017 in New York.
Shortly after, Chris led the charge to set-up a mobility initiative between the MIT Media Lab, Toyota Research Institute and a host of blockchain partners to tackle a broad range of mobility challenges. One year later, MOBI — the Mobility Open Blockchain Initiative was announced, including BMW, Ford, GM, Renault and Toyota as founding members.
After 18 months of whirlwind activity, our collaboration with Chris continues strongly. He presented his vision for mobility and autonomous vehicles on-stage at the 9984 Summit in Berlin.
As an advisor to Ocean Protocol, we look forward to Chris’ insight and guidance on how we can further the goals of MOBI by using Ocean Protocol as a secure, data exchange protocol for solving mobility challenges.
Last week, we announced our support of MOBI with a $1 million commitment towards the MOBI Grand Challenge, a DARPA-style initiative to further the research for autonomous vehicles. The MOBI Grand Challenge is an excellent forum to bring the public, government, industry and academia together, while unlocking data and services for problem solvers. Working together, accidents, congestion and environmental impact of mobility can be significantly reduced, while increasing the flow of goods and improving accessibility to everyone.
Two Minutes with Chris Ballinger
Why are you supporting Ocean Protocol?
The last 20 years has seen an enormous concentration of wealth and power in companies who collect and hoard data. These new data monopolies have been an important source of human progress and innovation, but also reduce opportunity and lower relative income for the data ‘have-nots’. Increasing opportunity and improving income distributions requires fixing the tragedy of the digital commons, a market failure associated with data and digital content. Blockchain enabled data marketplaces are our best hope for a fix. Ocean Protocol is committed to creating functioning data markets, unlocking data, and creating a fairer data economy.
What capabilities will you bring as an Advisor?
A window into the emerging mobility services / IoT ecosystem and an interest in reading anything Trent writes.
What are the causes that you believe in?
Improving transportation. Worldwide, drivers spend an average of over 40 hours per year in traffic congestion; in cities like Los Angeles, drivers can waste over 100 hours in congestion. From an environmental perspective, transport consumes 25% of energy produced and 50% of oil globally and accounts for 25% of greenhouse gas emissions. More importantly, road traffic injuries are the leading cause of death among people between 15 and 29 years old and more than 1.25 million people die each year as a result of road traffic crashes. Better mobility will require massive, open datasets to ‘teach’ our increasingly autonomous and connected vehicles and mobility ecosystems to operate safely and efficiently.
How will you allocate your 100,000 Ocean tokens?
I want to accelerate the pace of innovation in autonomous cars, so I’m granting my 100,000 Ocean tokens towards the MOBI Grand Challenge.
Any other comments?
Data about how people and things move — the digital exhaust of the matternet — may be the most valuable asset created in the 21st century. I’m proud to support Ocean and their commitment to a more democratic data economy.
Chris Ballinger is Founder/CEO of MOBI and Chief Financial Officer for the Toyota Research Institute. Ballinger joined TRI in April 2017 following 14 years at Toyota Financial Services (TFS).
Upon his transition, Ballinger served in a global leadership role for TFS as Senior Vice President, Chief Financial Officer and Chief Officer of Strategic Innovation, helping guide global TFS strategy to address future market trends and business model requirements. Ballinger’s achievements at TFS were recognized with a Pinnacle Award in 2012, given by the Association of Finance Professionals in recognition of excellence in Treasury and Finance, and he was named an Automotive News All-Star in 2013.
Prior to joining Toyota, Ballinger’s career stops included Providian Financial as Assistant Treasurer and Bank of America as Senior Vice President of Treasury. He was also Staff Economist at the President’s Council of Economic Advisors under President Reagan. Ballinger received a bachelor’s degree in Economics from Amherst College and a master’s degree in Economics from the University of California, Berkeley.
Lessons to take from Toyota
Waymo, is Google’s off shoot autonomous vehicle. Recently it has been valued above $175 billion, which is superior to BMW’s valuation of $42 billion, Volkswagen, $76 billion and Daimler $48 billion combined! The market recognises that the future is in the data.
Google’s ambitions in autonomous vehicles goes back to the DARPA Grand Challenge of 2005. This has given them over a decade competitive advantage over the incumbents. The response from the incumbents in the auto industry is maybe instructive for insurance.
Toyota realised that to do autonomous driving they would need 500 billion miles of driving data onto roads which would have taken them 20 years to acquire. Toyota reached out to Ocean Protocol to pool their data alongside GM, Ford, Daimler and others to compete against Waymo and win.
Ocean Protocol have some very exciting developments happening with this usercase around Autonomous vehicles and the connections they have acquired are ground breaking and will only propel Ocean Protocol further on a global scale.
I am continually amazed at the level and variety of collaborations happening but not surprised as Data is being used everywhere and AI will only grow further in all industries. We are truly blessed to be a part of the Ocean Protocol journey at such an early stage and watch all this unfold.
More updates will be forthcoming with regards to Autonomous vehicles in due course as we receive more information.