Blockchain in automotive
All use cases

Blockchain & Automotive industry

The automotive industry is one sector that blockchain makes sense as a tangible value add. Automotive is suitable for its complex ecosystem operating with multiple parties: design and creatives, manufacturing, distribution, tracking, marketing and promotion, compliance, trading, finance, and the servicing of vehicles. Main concerns there are global supply chain, complex licensing, taxation, and other regulations. Safety and trust are crucially important.

Benefits of Blockchain for Automotive?

Blockchain solutions have the potential to transform the automotive industry as they provide secure and reliable collection and sharing of vehicle data, their owners, manufacturers, and dealers. In addition, through its shared ledger, blockchain technology provides instant access to different businesses across the industry including manufacturers, dealers, auto finance providers, insurers, governments, and more. This addresses the complex ecosystem and increases efficiency, cost savings, and speed to market.

Use Cases

One of the most common blockchain use cases in automotive is to provide optimized communication across the supply chain and the back office. Other applications include:

  • KYS (Know Your Supplier) – This aims to enhance supplier qualification, validation, onboarding, and end-to-end information management. With blockchain in place, no fraud and human mistakes are guaranteed thanks to its distributed nature and trust.
  • Events Tracking on the Supply Chain:
  • Order and track, sell, and pay goods after they arrive at the target destination.
  • Documentation can be created, updated, viewed, or verified by parties on the blockchain.
  • Payments could also be initiated seamlessly between parties throughout the process based upon agreements.
  • Connected IoT sensors and smart devices could measure the condition of containers and other information that can be recorded on the blockchain and inform final settlements e.g. if goods have been damaged.
  • Tracking of parts amortization – using IoT and Blockchain in automotive enables companies to collect, store, and share data securely and in real-time. Self-executing scripts (smart contracts) allow proper, distributed, and automated workflows for data sharing and handle trust issues. 
  • Monetization of the data:
  • Data collected on drivers’ behavior could be used by insurers and governments.
  • Vehicle data would bring trust to the end-users and would increase the utilization and selling off unused space through car sharing.
  • “Pay as you go” models are great. They are based on real usage and with blockchain, the data is accurate and trusted.
  • Cross-industry solution – peer-to-peer manufacturing trading could utilize blockchain technology for automotive to record the transaction.
  • Ensuring the validity of transactions / reducing systemic failures. 
  • Improving trust in products through public data – data is traceable, immutable, and synchronized between all parties. This eliminates the need to trust that data has not been tampered with and gives instant credibility.

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