Accelerating Innovations in the Auto Landscape with Blockchain

Accelerating Innovations in the Auto Landscape with Blockchain

By Manufacturing Technology Insights | Monday, December 10, 2018

Blockchain technology has proven its potential to the society by succeeding in various industries. The brilliance of blockchain lies in bringing huge amounts of data together, securely, and recording all the behavior, which make life simpler for the end user. The blockchain-based automotive system will help users to unlock cars, record travel data, lease the vehicles, and pay for financial transactions. The automotive industry is warmly embracing cryptocurrency. The use of cryptocurrency in automation promotes transparency and minimizes operational costs of the auto trade.

Autonomous cars with blockchain technology allow cars to communicate with each other. Driverless cars could share data about traffic conditions, road conditions, and sharing information about their environment. Developing the reliability and safety of autonomous vehicles is one of the greatest challenges for blockchain in the auto industry. In addition, blockchain could considerably increase the feasibility and usability of autonomous vehicles.

The blockchain-based solution captures, stores, and updates information on vehicle parts including spare parts. It will enable the service center, car manufacturer, and customer to trace the origin of spare parts through the supply chain to the originally manufactured date and location.

Blockchain provides an end-to-end supply chain solution to enable automotive organizations to seamlessly order or sell, track, and pay for goods once they arrive at their destination. Documentation would be created, updated, viewed, or verified by parties. Payments could also be initiated seamlessly between parties throughout the process based on the agreements.

The technology enables car manufacturers to identify the defective parts and issue specific service order for these vehicles. This also reduces the service costs involved in the process. The application will also track the status of the service, and the report can then be used for regulatory reporting to the government.

The automotive industry is one of the fastest developing fields utilizing blockchain technology. There are many opportunities to use blockchain across the automotive industry that can transform products, services, and processes.  Autonomous vehicles will only be achievable if secure data transfers and high-level connection exists between them. The blockchain is the only solution to make this a reality.

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