Tezos (XTZ) has announced it has invested in award winning Chorus Mobility, a development and research firm dedicated to inventing blockchain solutions for the future of transportation.
The collaboration between the Tezos Foundation and Chorus Mobility will make it easy for the latter to integrate Tezos smart contracts as payments for drones and autonomous vehicles.
The startup is centered on introducing blockchain apps (DApps) and peer-to-peer payment protocols usable by vehicles across the globe.
Chorus Mobility find use in human to vehicle linkage like decentralized autonomous taxi hailing, vehicle to vehicle connections purposely to reduce congestion while also improving traffic efficiency.
The protocol can also be used in vehicle to infrastructure networks to enable seamless and decentralised V2X payments like the per second charges while making use of a paid priority lane.
The startup is working on decentralised mapping and geospatial solution. Chorus founders are recognised experts in the transportation industry. They have designed and built software for more than twenty thousands US based and NYC Yellow Cabs.
Chorus Mobility won the MOBI Grand Challenge, a BMW-hosted blockchain competition. Chorus Mobility’s project that involves right of way and road space payments that could be deployed by autonomous vehicles to lessen road traffic won the award.
William Vorobev, Founder and CEO of Chorus Mobility, said Tezos is one of the most advanced blockchain protocol till date. The fact that it is securely designed with formal verification support makes it find use in the automotive Industry.
William said Tezos will give Chorus Mobility the ease to build secured smart contrast that for efficient human-to-machine interaction.
Tezos (XTZ) in the Market
Tezos is on the 16th position on CoinMarketCap with $1 billion market cap. The digital asset is changing hands at $1.58 USD with less than 1% loss in the last 24 hours.
Tezos (XTZ) finds wide use in diverse industries and supports smart contracts and DApps. The blockchain solution was designed by Arthur Breitman, a formal analyst at Morgan Stanley.