Cryptocurrency to the rescue of road safety?
Dolphin Technologies’ Mobilio cryptocurrency could be the answer to saving lives by reducing the desire for drivers to check mobile phones when behind the wheel.
A quarter of all accidents involve mobile phone use, making it the number one cause of accidents. Traffic accidents are also the most frequent cause of death worldwide for people aged between 5 and 29. In addition to personal suffering, there is also economic damage amounting to almost €500bn euros a year.
Traditional approaches such as traffic penalties have been proven ineffective, Mobilio claims, due to the deep-rooted psychological nature of the problem. Mobilio has explored the relationship between safety and rewarding drivers for not looking at their mobile phones when driving in the company’s white paper.
“The satisfaction of our curiosity by reaching for the phone is directly connected with the reward system of our brain,” explains neurologist and chairman of the Berlin Medical Association Examination Commission for Neurologists, Dr Afshin Jawari.
“This is exactly why we are relying on reward instead of punishment,” says Harald Trautsch, CEO of Dolphin Technologies.
With the Mobilio app – available for Android and Apple mobiles – drivers receive points for not using their mobile phone while driving. Those points convert to Mobilio tokens so, in effect, anyone can ‘mint’ the currency simply by distraction-free driving. “This democratisation of the distribution of Mobilio tokens has important implications for its future use and value,” adds Trautsch.
The digital currency is designed in a way that the more people use the app, the greater its value. “The vision that the Mobilio token could one day have a similar performance to Bitcoin and Co creates a strong incentive to drive safely,” says Trautsch.
Mobilio tokens can be used in the so-called ‘Mobilio Marketplace’, which Dolphin Technologies is currently setting up together with industry partners. The currency can be used to pay for the products and services of insurance companies, retailers and other marketplace participants. In addition, the token will be traded on crypto exchanges within the next few months, giving it a tangible value in the ‘real’ world.