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How Blockchain is Transforming the Automotive Industry

By Auto Tech Outlook | Monday, January 25, 2021

Blockchain in the automotive industry can improve the trust and cooperation among firms and increase the vehicle's safety. 

FREMONT, CA : Blockchain is not restricted to just cryptocurrencies because it is even referred to as distributed ledger technology (DLT). The technology is widely supported and utilized by other industries, particularly the automotive industry. In the coming years, it is expected to become important for the automotive industry to make the cars of the next generation a reality.

Today's modern cars are shifting to onboard sensor data centers and computer systems that collect vehicle information. Blockchain can enhance trust and cooperation between firms, customers, and even vehicles with safer, more traceable transactions and better access to information transparency.

The automotive industry may have transferred through many promising technologies that had an immense effect on other sectors. But there are already a few firms investing in this technology when it comes to blockchain. It could encourage carpooling systems with a secure digital identity. It protects personal settings and preferences in the car safely, avoiding revelation to unnecessary parties. It could also enable peer-to-peer carsharing.

In the vehicle leasing and financing section, the industry leaders will optimize and automate different processes with blockchain-based smart contracts. For example, if a car's lease rate has not been charged yet, it can be stopped from being used by neutralizing the disclosure mechanism. Blockchain-powered solutions may also allow the car rental companies to monitor, among others, if the cars are in cleaning, maintenance.

Blockchain technologies are open, encrypted communications, and digital payments among connected vehicles or vehicles are increasingly being implemented to empower them. In the automotive industry, technology has acquired or gained a lot of momentum.

MOBI (Mobility Open Blockchain Initiative) was launched last May, bringing together major players in the automotive industry, like BMW, General Motors, Ford, and Renault, and leading blockchain and technology startups and top organizations like IBM, Accenture, and ConsenSys. The technology helps to address key mobility issues such as scalable vehicle ownership sharing and the convergence of multiple stakeholders in mobility, including customers, OEMs, mobility and transport providers, urban and infrastructure suppliers, and many more.

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