DLT live use case 2: The Tesseract platform for intermodal transport
To help the automotive and transportation industry as it becomes increasingly integrated, on-demand, personalized and autonomous, EY created Tesseract, an integrated mobility platform underpinned by blockchain technology.
The platform facilitates fractional vehicle ownership, shared use and seamless multimodal transport, helping to lay the groundwork for how autonomous vehicle fleets can be owned in the future and providing access to a variety of on-demand mobility options.
Tesseract brings together multiple stakeholders including original equipment manufacturers, mobility and transport companies, cities and infrastructure providers on a single platform to facilitate new value and revenue streams. It can also help consumers gain access to the right type of vehicle for their ideal journey, on demand.
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. As new business models and income streams are created, funding of expensive assets such as batteries and charging infrastructure will become much easier.
Sustainable energy and mobility have developed rapidly in the past five years. Tesseract aims to better connect these complementary parts of the intermodal transport ecosystem, to deliver faster and more profound change and build a better world.
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Blockchain’s rise began as the platform for a monetary payment solution but was soon embraced by many other parts of the FS sector. That evolution, both in terms of technology and culture, has made FS a leader in DLT experimentation. So what does a business need to consider in order to get the most out of DLT?
- Success doesn’t happen overnight. FS has learned through proof of concept projects how DLT can improve existing transactional functions. However, large scale use in production remains limited.
- Confidence comes from experimentation. The shared experience of trialing proof of concept programs allowed infrastructure providers, application developers and operators to develop DLT to begin to address a number of industry needs.
- Keep an open mind to DLT’s possibilities. It would have been easy to look at blockchain purely in terms of monetary transactions but, instead, FS has applied DLT thinking across a range of functions – so increasing its usefulness for the sector as a whole.
Nearly a decade on from blockchain’s introduction to the business world, the depth and breadth of DLT experimentation currently in motion demonstrates just how influential this new way of ensuring transactional trust, credibility and accountability could be across all industries. The FS sector is leading the way. However, despite its potential, the technology still has a long way to travel to full maturity and large scale adoption.
As genuine understanding of this emerging technology grows, now is the time to start asking how it could be most beneficial in the transformation of your own business.
Discover the full Global Blockchain Benchmarking Study here.