I'm working on a similar system. The impact this will have on the tech industry is potentially huge. Imagine your mobile device pairing with cars. All of your preferences are automatically uploaded to the vehicle. Including predetermined destinations that you might have already defined before leaving. As you move down the road, the applications you have installed on your mobile device will give you data regarding the surroundings. Yes, it will probably contain advertisements, but it will also contain valuable information about the area.

I know that privacy is a concern (which is shared among all). It is the biggest challenge faced at the moment. Implementation is heavily dependent on third party systems over which we don't have any controls.