Jul 02, 2016 04:23 AM EDT By Don Don Navidad, UniversityHerald Reporter

BMW will collaborate with technology companies Intel and Mobileye, to develop a self-driving car technology that will be used in the car manufacturing company's iNext autonomous electric vehicle.

The collaboration of the companies will be looking to create what they aim to become the industry standard for safe self-driving technology.  The platform of BMW, Intel and Mobileye will be open, which means other companies are welcome to use the technology in the development of their own driverless cars.

BMW chief executive - Harald Krüger, stated at a news conference in Munich that they are standing at the extreme edge of a new revolution, based on the report of NY Times.

The partnership's objective is to be able to develop systems in which drivers will not only be able to safely take their hands off the car's steering wheel, as well as the driver's eyes and minds off the road and off of driving. In a way the travel time of people can be converted into a leisure or work time, according to News Room.

The final stage of the partnership's technology would allow self-driving cars to go in a specified direction without drivers inside, and by 2021, it can also be a potential automated taxi and automated ride-sharing services, Tech Times reported.

BMW will completely called autonomous car as "iNEXT." The company aimed for the "iNEXT" to roam streets without human assistance. The "iNEXT" model of BMW is the first in a range of fully autonomous vehicles decided on and arranged in advance by the automaker, according to Computer World.

Intel, as the biggest chip maker, still lags behind other companies, which includes Infineon Technologies and NXP Semiconductors manufacturing company, in supplying chips to the automotive industry. The project of Intel with BMW would require Intel to commit hundreds of its workers, along with hundreds of million of dollars.

While Mobileye, a company that develops vision-based advanced driver assistance systems, has been the early leading supplier of the components, including software and cameras.

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