Blockchain technology is always been associated with Bitcoin and cryptocurrencies. This thinking is fading away quickly as we are witnessing many other industry players adopting blockchain and its endless possibilities. The automotive industry is not far behind in unleashing the full potential of blockchain.
World-famous car manufacturing brands like BMW, GM, Ford are already making big bets on blockchain technology. For example, Ford is on a mission to improve air quality in Europe.
The role of blockchain in the automotive industry
Vehicles are gradually evolving into far more than just modes of mobility. Cars in the twenty-first century are mobile data centers with integrated sensors and disruptive technology that collect data about the vehicle. Blockchain has the ability to increase trust and collaboration among organizations, consumers, and even cars by providing more secure, traceable transactions and better access to and openness of information.It’s no surprise that automakers are paying attention to blockchain and making some strategic investments in this field. While blockchain has the potential to disrupt the status quo on its own, when combined with the IoT, artificial intelligence (AI), and big data, it has much more potential
How is the automotive industry leveraging blockchain technology?
Here are some instances of how blockchain is being used in the automotive industry:
As the automotive industry moves toward self-driving, connected, and electrified vehicles (EV), blockchain may provide another way to maximize the benefits of these technologies. The most appropriate use cases appear to be supply chain, financial services, and the safe, secure sharing of driver or rider data.
Because of its infancy, there are still problems to iron out, but with the level of investment from across the sector, blockchain has the potential to cause substantial disruption. To win, you have to be in it, just like early Bitcoin investors, and we’ll be watching the technology’s uptake with curiosity to see who goes all in.