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Blockchain technology in automobile industry
Blockchain technology in automobile industry

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While most of the world is contemplating blockchain being used for mining more and more Bitcoins, some in the automotive industry are trying to implant the tech into your future car. 

Striving for autonomous automobiles has evolved cars into live data centers with all the endless computers and sensors onboard. Thus, due to the safety net provided by blockchain technology, it is even more imperative to implement it to safeguard autonomous data. 

Now, automakers are working together to inculcate blockchain well within the roots of the automobile. Brands like Ford and BMW have already implemented blockchain within their manufacturing process. 

How can blockchain be integrated into the automotive industry?

 The automotive industry has never shied away from experimenting with new technologies. This bold approach has helped them streamline their operations and boost their revenue by introducing new user functionalities. Similarly, blockchain aims to streamline the automotive industry by providing its benefits in the following sectors:

Car Manufacturing: 

Car parts have a tendency to get lost while in delivery or get stolen, damaged, or replaced. To prevent any of these from happening, blockchain comes in as the savior by providing the manufacturer with a complete follow-up of these parts. Blockchain also helps to resolve recalls more efficiently. By searching the history of the piece, the automaker can conclude whether any modifications have been made to it or if it contains a manufacturing defect.

Blockchain takes care of a variety of manufacturing processes, ranging from storing data from bills of lading for vehicle components, quality inspection records during the manufacturing process, and WIP information for each vehicle assembly.

Blockchain can help streamline all manual data insertion processes used in auto manufacturing, like transaction costs and revisions. Blockchain keeps track of all these processes during the lifecycle of the car.

As more and more vehicles get connected, they are equally vulnerable to attack from hackers. Thanks to the strong cryptographic roots within the blockchain, the data stored within the blockchain is safe from reverse engineering and cannot be changed even in the case of a deadly cyber-attack.

The car’s telematics represents all its software-based navigation, vehicle-to-vehicle (V2V) communications, and other safety services that have a hand in vehicle and passenger safety. With the help of blockchain, we can safely maintain the data that is transmitted by telematics services. With such a high level of encryption, no hackers can steal or view the data emitted by the vehicle telematics.

Car Owners: 

Blockchain has enabled flawless transparency in the car selling process. Any user can directly survey the car’s history through the blockchain entries and find whether it has been involved in an accident. 

Through blockchain, the buyer can also get a clear overview of all parts of the vehicle. With blockchain, there is no need for a middleman between the buyer and seller, thanks to the transparent transactions involved in the process.

Mobility Sector:

Leasing and Vehicle Financing: With blockchain, we can simplify and automate the various processes involved in car leasing and financing. For example, if a car’s lease hasn’t been paid, we can prevent the user from using the car by deactivating the unlocking system.

Blockchain also helps to build yourself a secure digital identity to avail of the carsharing services. This way no external party can steal your personal data which you have saved in your car. Blockchain also simplifies the carsharing process by registering other users through a single registration in the blockchain ecosystem.

Blockchain keeps a track of all the activities currently going on with the car like maintenance or cleaning. This way the car rental company gets a report of the current state of the car.


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RohitKaul

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