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Startup Company ShareRing Joins Blockchain Consortium

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May 30, 2018—Startup company ShareRing has been announced as one of the tech businesses participating in the new Mobility Open Blockchain Initiative (MOBI), which announced its formation last week.

Blockchain technology allows insurers, OEMs, repairers and suppliers to exchange data at any moment through a secure network. MOBI, meanwhile, is comprised of multiple OEMs, including BMW, GM, Renault, and Ford, consultancies like ConsenSys and Accenture, along with other organizations such as Hyperledger. Several members of MOBI have already been involved with researching blockchain solutions.

ShareRing, more specifically, claims it plans to serve as a leader in the sharing economy (which is anticipated to triple in value, to $335 billion, within the next seven years), using a foundation of blockchain technology. The fledgling company is developing its own distributed ledger and smartphone app, to enable the sharing of assets directly between two parties who participate in the ShareRing network.

ShareRing’s platform would run on a dual currency system that aims to overcome price volatility in cryptocurrencies. The utility token of the blockchain will be called ShareToken, and will be used to buy into the ShareRing network by those wishing to share or rent their services. A second token, called SharePay, would be used by individuals wishing to purchase the use of shared assets or services on the ShareRing platform.

 

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