Next February in Munich, legendary automobile manufacturer BMW will host an event that will showcase entries from a competition for vehicle-related blockchain applications. The competition is part of the MOBI Grand Challenge, which is being sponsored by both the Mobility Open Blockchain Initiative (MOBI) and the Trusted IoT Alliance (TIoTA), with BMW being a member of the former. The goal of the Challenge is to develop viable blockchain-based systems that control vehicles, share data and improve driving in urban locations. The Challenge will last 3 years in total and will provide winners with more than $1 million worth of cryptocurrency tokens across multiple competitions. Anyone from anywhere in the world can compete. The Challenge will commence Friday with a 4-month competition. The goal of this particular competition is to showcase how blockchain applications can control vehicular movement in urban areas, so as to improve transportation. The Munich event will then put on display selected entries from this competition, and the results of the competition will afterward form the basis of future competitions in the Challenge. The winners of the initial competition will receive a total of $350,000 worth of cryptocurrency tokens. This includes $250,000 from Beyond Protocol and $100,000 from the Ocean Protocol Foundation. Beyond Protocol is a company that wants to apply blockchain technology to IoT devices while Ocean Protocol Foundation is a company that has developed a decentralized data exchange protocol. The latter has pledged $1,000,000 of tokens for the entirety of the Challenge. Zaki Manian, who is the Executive Director of TIoTA and a member of MOBI's Board of Advisors, says that blockchain-based mobility applications for IoT could have a major impact on the industry. He also says that very few of these types of applications have even reached the proof-of-concept phase, which is why this competition is so important. Last May, four major automobile manufactures — GM, Ford, BMW and Renault — created a blockchain platform that they hope will improve transportation, by making it cheaper, safer and more environmentally friendly. A few months earlier, Ford also patented a blockchain-based system to specifically improve traffic flow.