The automotive industry of the future will be very different from that of today. In today’s day and age, the vehicles are evolving to become more than just a mode of transport.
Blockchain technology has already disrupted the financial services and supply chain industries, and has finally arrived in the automobile industry.
The automobile industry has always been more inclined towards the adoption of advanced technology, but in recent times, the auto original equipment manufacturers (OEMs) worldwide are struggling to keep up with the pace of accelerating growth. The blockchain adoption in automotive industry is making a significant change in the global market.
Various technological advancements in the sector like the Internet of Things (IoT), blockchain and artificial intelligence (AI) are paving the way for autonomous vehicles. The stakeholders in the automobile industry are looking into how blockchain technology can be applied in businesses and to launch major initiates.
With the rise in the autonomous cars and innumerable devices communicating with each other, there has been a growing need for these transactions and interactions to exist on a static database of highly secured and shared platform. Through this, we are paving a path for smart cars which can autonomously sense its own needs and advise the driver in case it needs a repair and is also able to contact nearby suppliers for replacements or negotiate prices for that matter, and process the payment for the respective services.
The increasing availability of fake auto parts which enter the supply chain undetected and are available hugely in dealer service centres, has caused damage to the auto part supplier brands or the automobile makers. To fight against these odds, blockchain technology can be used. It helps in the process of identifying the frauds and can prevent further seep in of the fake products in the supply chain by creating a distinctive signature for each auto part along with fixed timestamps from where the part is created.
The adoption of blockchain technology in the automotive industry can bring about revolutionary changes in the market. It can result in more eco-friendly driving alternatives, blockchain based automotive insurance and also remotely locking and unlocking vehicles.
Blockchain technology has already disrupted the financial services and supply chain industries, and has finally arrived in the automobile industry.
The automobile industry has always been more inclined towards the adoption of advanced technology, but in recent times, the auto original equipment manufacturers (OEMs) worldwide are struggling to keep up with the pace of accelerating growth. The blockchain adoption in automotive industry is making a significant change in the global market.
Various technological advancements in the sector like the Internet of Things (IoT), blockchain and artificial intelligence (AI) are paving the way for autonomous vehicles. The stakeholders in the automobile industry are looking into how blockchain technology can be applied in businesses and to launch major initiates.
With the rise in the autonomous cars and innumerable devices communicating with each other, there has been a growing need for these transactions and interactions to exist on a static database of highly secured and shared platform. Through this, we are paving a path for smart cars which can autonomously sense its own needs and advise the driver in case it needs a repair and is also able to contact nearby suppliers for replacements or negotiate prices for that matter, and process the payment for the respective services.
The increasing availability of fake auto parts which enter the supply chain undetected and are available hugely in dealer service centres, has caused damage to the auto part supplier brands or the automobile makers. To fight against these odds, blockchain technology can be used. It helps in the process of identifying the frauds and can prevent further seep in of the fake products in the supply chain by creating a distinctive signature for each auto part along with fixed timestamps from where the part is created.
The adoption of blockchain technology in the automotive industry can bring about revolutionary changes in the market. It can result in more eco-friendly driving alternatives, blockchain based automotive insurance and also remotely locking and unlocking vehicles.
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