Feb 27, 202019 min read

How Blockchain is Revolutionizing the Automotive Industry?

The automotive industry is changing rapidly. New technologies like the Internet of Things (IoT), artificial intelligence (AI), and blockchain are paving the way for autonomous vehicles. Industry leaders like Toyota, BMW, Mercedes-Benz, Ford and so on are turning into the blockchain to make vehicles autonomous and increase the efficiency of their supply chains. In this 5 min read, we discuss “How Blockchain is Revolutionizing the Automotive Industry”.

Many automakers have started to explore blockchain technology in the supply chain, security, car service, and blockchain for autonomous vehicles. However, blockchain is set to become prominent in the automotive industry in the same way as disruptive technologies like machine learning, high-performing GPS and sensors.

In fact, blockchain is likely to become indispensable for the automotive industry in the years to come in order to make these next-generation cars into a reality.

We can say that today’s vehicles are evolving in the direction of becoming much more than a mode of transport. The 21st-century cars are moving data centers with onboard sensors and computers that capture information about the vehicle. More secure, traceable transactions, better access, and transparency of information, blockchain has the potential to strengthen trust and collaboration among businesses, consumers and even vehicles.

By using smart contracts and IoT, dealerships can automate several processes involved in car sales, service, warranty claim processing and much more. Moreover, it helps the buyer and seller to avoid middlemen or third parties to involve in transactions or insurance claims. This decentralized ledger technology can help to build a state of peacefulness in customers, manufacturers and service centers with its transparency and immutability.

According to a report by IBM Institute for business value, it’s estimated that 62% of the automotive industry is set to utilize blockchain technology for various use-cases by 2021. Some of the most renowned and beloved car brands are tapping into DLT, as blockchain writes a new chapter for the industry with evangelist confident that the automotive industry will be next in line to be disrupted by this new nascent technology.

At the moment, enterprises are busy testing out blockchain-pilots with the clear intention of driving innovation and solutions across the entire ecosystem, or where it’s most applicable.

Use Cases

Here are several use-cases in which blockchain will reshape the automotive industry:

Commerce: Since data, integrity plays a vital role in modern finance where problems can arise when an error occurs as the result of manual data entry, facilitating trade, and data management. Distributed Ledger Technology (DLT) is meant to streamline these processes, allowing independent parties to keep an accurate record of a vehicle’s lifetime.
Supply Chain: Thousands of parts are needed to manufacture a car, a process that involves an extensive network of individuals, organizations, resources, and activities. Due to the complexity of managing large supply chains, parts are essentially at risk of being damaged, stolen, and replaced. By Implementing DLT to further manage the supply chain, companies will have an effective and efficient means of tracking all the components from the day it’s produced, to it being shipped as the final product.
Mobility: The involvement of third-parties such as insurance, maintenance, and even cleaning services requires the vehicle owners to disclose confidential information. The use of blockchain allows customers to manage personal data and share that information with third-party service providers. On-demand mobility services (MaaS) through the integration of blockchain, allows various forms of transport services into a single mobility service that are made accessible on demand. MaaS is often used to describe a shift away from personally-owned modes of transportation and towards mobility solutions.
Leasing and vehicle financing: Because of blockchain-based smart contracts, we could optimize and automate various processes in the vehicle leasing and financing section. For example, if a car’s leasing rate has not been paid yet, it’s possible to prevent it from being used by deactivating the unlocking system.
Car-sharing: Blockchain technology could enable a secure digital identity at car-sharing. With blockchain, personal settings and preferences could be saved in the car safely avoiding exposure to unnecessary parties. This could also enable P2P car-sharing. Meanwhile, blockchain could facilitate the car-sharing procedure for users as a single registration in the blockchain ecosystem, which is good to be used for all car-sharing offers from different service providers in the ecosystem.
Car Rental Company: Blockchain would allow the rental company to monitor if the cars are in cleaning, maintenance, etc. It would be easier to know what is happening, have a follow-up and decide whether to count on that particular car or not.

However, there is one area in which blockchain will have the biggest impact and is set to disrupt, which has to do with “Connected Car” Technologies. The next digital revolution to have a deep impact on the automotive industry will be all about communication and autonomous vehicle. For now, there are several trends that seem to be shaping the future of Connected Cars. The term ‘’connected car’’ is used to describe the digitization of IoT-compatible cars and advances in technology that allow vehicles to communicate and connect with one another over a network.

It’s true that connectivity will be one of the main factors driving the development of the connected car, and blockchain is set to play a vital role when it comes to improving the quality and speed of vehicle communications. DLT has the ability to store asset ownership rights, settle transactions as part of a globalized payment system, and allow for greater transparent supply-chain management.

Automotive Companies using Blockchain

Image: focusmagazine.bnpparibas

Below is the list of few automotive companies that are using blockchain technology:

General Motors (GM) pairs with Spring Labs to fight synthetic identity fraud.
Porsche teams up with XAIN to bring blockchain into their vehicles.
Automotive Industry Giants Unite to form the Mobility Open Blockchain Initiative (MOBI).
VeChain is rebranding as VeChain Thor and announces partnership with BMW.
Koopman is partnering with IBM to provide a more efficient automotive supply chain.
IBM is building a blockchain payment platform for vehicles.
Daimler and LBBW are using blockchain for business-to-business payments.
Toyota and MIT are using blockchain to rate driverless vehicles.
IOTA and Volkswagen are using blockchain for autonomous vehicles.
Mercedes-Benz is turning to blockchain to simplify its supply chain.
Renault is using blockchain to store customer information.

To give you a better idea as to how blockchain is applied in this instance, let’s see some of the companies that began implementing this technology to solve existing problems and use blockchain to introduce a set of new applications.

Hyundai

Hyundai Motor Group’s subsidiary, Hyundai AutoEver, has announced a formal partnership with Blocko, a South Korean firm that specializes as a Blockchain-as-a-Service (BaaS) provider. Blocko has signed an MoU with Hyundai Motor Group’s ICT platform, with the intention of teaming up to develop an in-house platform for the automotive giant. With the help of Blocko, Hyundai is applying blockchain to safeguarding vehicle ownership by allowing the tracking of confidential vehicle information such as mileage, service history, and age. The BaaS provider also specializes in open-source solutions, introducing Aergo, Blocko’s latest undertaking that is set to allow enterprises to make greater use of decentralized technology without having to comprise, by introducing a unique Hybrid Blockchain. Hyundai has also announced that its platform will be migrating to Aergo Mainnet by giving us a glimpse of a future where automotive giants are keen to utilize a more open and public blockchain of choice.

For now, Hyundai intends to use a blockchain-powered platform for vehicle lifecycle management, Mobility-as-a-Service (MaaS) and insurance. The Hyundai affiliate company that manages the IT for all 54 of Hyundai Motors Group’s systems.

BMW

The German car brand has been supportive of blockchain back in 2018, publicly announcing that it will use the technology as a way to share self-driving car data among Network participants. In an attempt to utilize valuable data collected by self-driving vehicles, BMW plans to use blockchain to overcome one of the biggest barriers hindering the mass adoption of autonomous by essentially unlocking data that is being kept in silos.

In the past, BMW has collaborated with blockchain-based startups such as Vechain to work on the firm’s VerifyCar app which designed to entitle each owner, a digital passport of their vehicle. The firm also plans to use the technology to combat manipulated odometers, which is estimated to cost $6.78 billion annually in Germany alone. BMW has also joined the ‘’Mobility open Blockchain initiative’’, a group that was formed with the goal of implementing blockchain to make mobility safer, greener, cheaper and more accessible. In the coming years, BMW will be one of the pioneers in the automotive industry to implement DLT for a number of concepts ranging from supply-chain management to interconnected autonomous vehicles.

Porsche

An automobile manufacturer that specializes in high-performance luxury sports cars has partnered up with the Berlin-based startup, XAIN, to test blockchain applications to be integrated into Porsche vehicles. Porsche is said to be the first car manufacturer to implement and successfully test blockchain according to statements made by the company. Over the years, Porsche is said to be piloting the technology for the application of locking and unlocking a vehicle, with the grand idea of letting car owners temporarily give someone access to their car.

In addition to testing, in the past, Porsche has finalized a $170 Million loan using blockchain, by completing a deal with Banco Bilboa Vizcaya Argentaria’s (BBVA), a Spanish bank known for being a blockchain advocate and issuing out syndicated corporate loans. Porsche has officially become the first non-Spanish company to complete an acquisition term loan that has been entirely arranged through a distributed ledger.

It has been analyzed that by this year (2020), experts estimated that 250 million connected cars will be on roads across the globe. With each vehicle equipped with more than 200 smart sensors, a deeply-connected infotainment system, and advanced cloud-based core informatics, the need for data management will be as crucial as maneuvering through rush hour traffic.

From a less-technical perspective, connected vehicles allow drivers and passengers to remain connected to the outside world while on the road. Drivers cannot only view GPS information but can relay their specific location to others around the world in real-time. Passengers can view the LIVE video of far-away events on the vehicle’s infotainment system. Information on vehicle systems can also be transmitted to remote locations and system firmware updates can be received OTA, or over the air.

Advantages of Blockchain in the Automotive Industry

Image: motus.com

Blockchain Security: Blockchain technology is an inherently secure means of storing and sharing data. The data structure of shared ledgers makes adding to, removing, or altering data nearly impossible once it has been validated and stored in a block. Not only does the blockchain structure prevent data hacking, but the encryption of data and block data signatures adds another layer of protection. By hashing the data using 256-bit strong encryption, the odds of a hacker accessing data stored in a blockchain without possession of a unique private key are truly astronomical. Using blockchain technology to solve the challenges of connected car data security is not just an option, it is a necessity. If a better solution exists, no one has proposed it yet. As connected cars increasingly become self-driving autonomous cars, the need for this level of security will be even greater.
Execution Speed: Transactions executed through blockchain are generally — though not always — faster than those of other systems. The primary reason lies in the distributed network of blockchain offers, which consists of numerous computers processing each transaction simultaneously. In a centralized network, there is usually one computer or computer cluster that processes each transaction so each transaction must wait its turn. Blockchain transactions for an automobile can include safety information. In order to avoid dangerous lapses in data, the entire data pipeline must be fast and reliable. Distributed networks provide the speed and redundancy that connected cars require.
Transparency: The decentralized nature of blockchain makes sharing data easy. Unlike centralized processing and storage systems, all stakeholders have equal access to the blockchain. There is no centralized computer or database that is controlled by a single party, who might choose to hide or manipulate data. While access to certain information stored in the blockchain can be regulated by private and public keys, all authorized parties have access to the same immutable information.
Cost Reduction over other Technologies: Because blockchain is not centralized, one party does not bear the burden and expense of maintaining the database. There is no need for expensive backup servers and remote storage. The data exists on multiple “nodes” and cannot be damaged, accidentally erased, or corrupted.
Ability to Audit Records: Since a blockchain consists of immutable blocks of information, audits can be conducted with confidence that the data stored has not been altered.
Versatility: If blockchain represented only cryptocurrencies, it would be of limited use among other industries. Fortunately, a blockchain can be designed to not only store units of currency, but other types of commodities, as well. For example, blockchains can store contracts, and those contracts can be automatically executed. The ability to embed contracts with other data, such as invoices, makes the technology ideally suited across the entire automotive ecosystem.

Applications for Blockchain in the Automotive Industry

Vehicle Safety and Data Security: As cars become increasingly autonomous, and self-driving vehicles move from the test markets to Main Street, security will become the primary challenge for automakers and other stakeholders. The more connected a vehicle is, the more susceptible it becomes to potentially deadly cyber-attacks. If data streams are to be kept safe from hackers, they must be safeguarded with the highest level of security available, and that would be blockchain. Distributed Ledger Technology not only facilitates data storage, but also offers immutability, or protection against data being changed once it is stored in a block. Although the automotive industry has been slow to realize the value of blockchain technology, you can bet it will ultimately be the de facto means of securing connected car data. From cardless fuel purchases made the infotainment system to software updates for critical vehicle systems, distributed ledger technology will increasingly be utilized to keep connected drivers and their sensitive information safe.
Supply Chain Transparency: In the automotive industry, the transparency offered by distributed ledgers can help ensure that manufacturing, shipping, and suppliers see the same supply chain, making it nearly impossible for counterfeit parts to be inserted into the supply chain.
Manufacturing: There are numerous opportunities for blockchain technology throughout the automotive manufacturing process. For example, one blockchain might contain bills of lading for vehicle components, another blockchain could contain quality-inspection records created during the manufacturing process, and another could store WIP information for each vehicle assembly from start to finish.
Financing: As you know, blockchain was created to support financial transactions. While Bitcoins might or might not be the currency of the future, it is safe to say that shared ledgers will soon revolutionize the automotive finance industry.
Smart Contracts: Smart contracts are small programs that may be included in blockchains and that automate the exchange of things of value, according to predefined rules. The thing exchanged may be a currency, stock shares, documents, information, or any conceivable commodity. In the connected car industry, smart contracts can be embedded in manufacturing blockchains to automatically release purchase orders at certain phases of the manufacturing process. Supply chains can benefit from contracts being automatically awarded to the supplier with the largest inventory on hand. And buyer financing can be approved based on smart contracts that automatically evaluate credit ratings.
Infotainment: Modern vehicle infotainment systems provide an audio-video experience that rivals the home entertainment system. Blockchain can be a valuable add-on to infotainment technology by making sure that in-car payments for movies, apps, and other services are kept secure.
Telematics: Telematics is the combination of telecommunications and informatics. In the connected car space, telematics includes software-based navigation, vehicle-to-vehicle (V2V) communications, and a host of other services that can affect vehicle safety and passenger security. To accomplish the important duties for which is designed, the data sent and received by telematics systems must be kept safe. Hackers must neither be allowed to view or alter the data used. As you have seen, blockchain is ideally suited for just such applications.
IoT: The Internet of Things is soon to invade all aspects of society, and transportation is no exception. As smart sensors are increasingly used to not only monitor traffic but to communicate with it, the need for data transport speed and data security becomes apparent. Imagine a smart sensor that sends data to approaching vehicles warning of flooded roads, a damaged bridge, or stalled traffic on the highway. Communication speed is obviously important, but so is data security. If the data arrives too late or is altered by hackers, lives could be lost.
Insurance: Insurance companies are already using connected car technology to set premiums based on actual driver behavior, rather than driving history. New telematics add-on services can provide insurance companies with driver location, drive duration, acceleration and braking behaviors, vehicle speed, cornering behavior, and other information. Blockchain provides a foolproof means of a collection of this data and delivering it in a secure, unalterable state.
Fleet Management: Fleet management companies are already onboard with connected car technology. Early adopters as they are, fleet companies will soon embrace blockchain technology across the industry for all the advantages it offers. The fleet management industry is also a perfect proving ground for consortium blockchains.

Benefits of Blockchain in the Automotive Industry

Image: storyoffuture.com

Blockchain is well suited for new revenue models because it allows micro-payments based on actual vehicle usage and fractional vehicle ownership. Vehicle title transfer can be also simplified and streamlined using blockchain by providing one publicly available ledger that can be accessed by interested parties on an ‘as needed’ basis.

Blockchain can effectively enable preventive maintenance by informing spare part suppliers and service shops about requirements based on data received from the vehicle.

Supply chain, including vehicle shipments, can be optimized providing seamless integration of digital contracts, shared inventory and logistics information, pricing, invoicing and payments. Spare parts provenance on a blockchain can help prevent counterfeit issues, expedite vehicle recalls if required and increase vehicle safety as a result.

Automotive companies can also benefit from using blockchain to streamline back-office functions in areas like finance and accounting.

Blockchain is gaining Momentum in the Automotive Industry

The clearest manifestation of blockchain revolution gaining momentum in the automotive sector is perhaps the launch of MOBI (Mobility Open Blockchain Initiative) in May 2018 that brings together major automakers (BMW, General Motors, Ford and Renault) and leading blockchain and technology startups and premier organizations such as IBM, Accenture, and ConsenSys. NGOs and academic institutions such as the World Economic Forum and Blockchain at Berkeley are also involved.

In February 2019, a two-day colloquium that brought together all members of MOBI took place at the BMW Group IT Centre in Munich. The event was primarily intended to promote and develop common standards for applying blockchain and distributed ledger technologies (DLT) in the mobility industry.

The founders of MOBI hope that they can use blockchain technology to shape a future of mobility that is greener, safer, and improves the quality of life in the cities. For achieving this, standardization efforts have to be made. Only with a set of clearly defined universal standards can take the stakeholders to develop an open, independent platform that would enable the industry-wide application of blockchain technologies.

Blockchain for Car Owners

For car owners (as for buying or selling a car), blockchain-based registries would mean easier verification of the vehicle’s history (for example, whether it has been in an accident) allowing major transparency when purchasing a car. Another pro would be having an overview of the parts of the vehicle: the users could look up the origin of the carpets and solve repair-related problems. Not to mention, that thanks to a smart contract, the seller and buyer could enforce the transaction of goods without the need for a middleman.

Key Takeaways

Targeted vehicle recalls: Car manufacturers often issue recall notifications to their customers when there is a defect in the delivered vehicle which could affect the road and travel safety. Unfortunately, most car manufacturers are not able to uniquely identify every part in every vehicle sold, so they need to issue the recall for thousands of cars even if the defective parts are installed only on a few cars. This process is a loss of money to the manufacturer. Moreover, it results in disturbing thousands of customers. A blockchain-based system that enables the car manufacturer to uniquely identify every single part will save a huge amount of money in the event a future recall is required. Since the manufacturer will know which defective part was fitted to which specific vehicle, they will be able to issue specific recalls for individual VIN numbers. This could save a lot of money and time for the manufacturers.
Identification of counterfeits: Out of profit greed, some service centers and garages are intentionally fitting counterfeit spare parts to vehicles. This, in turn, affects the brand reputation of the manufacturer when these counterfeit parts underperform or even malfunctions. Using a blockchain-based supply chain system, the provenance or genuinity of spare parts can be easily verified. The supply chain system connected with IoT sensors and smart devices would enable the service center, manufacturer and customer to trace the authenticity of the spare parts by verifying every step in the supply chain to its original manufacture date and location. Such a system can provide full traceability of spare parts and also help the insurance and warranty claim monitor teams to identify counterfeits quickly.
Automated insurance claim processing: Managing customer identity online is an expensive and time-consuming process. The user has to register online for the service which may require additional steps like a face to face interaction as might be the case with financial institutions. The user should also authenticate their log in thereby proving that they are authorized to access that portal. It becomes repetitive when the user has to go through these same steps with each new service provider. In addition to being repetitive, it also raises privacy concerns as these service providers store huge amounts of identity information with them. Blockchain-based identity management solution solves this problem by cutting out all the third parties. The user would register on the blockchain and, as required, authorized parties can simply access that information on the network. This eliminates the need for the user to register with every new service provider. While best practices for this application are still being developed, it shows potential. But privacy still remains a concern as once information is stored on the blockchain; it is accessible to everyone in the network. That opens up a new avenue for research.
Crypto loyalty tokens: Rewards programs are a common tool for driving customer engagement, retention, and additional revenue across a variety of sectors, including the automotive sector. The inefficiency of current loyalty programs causes the reward points to go unused. Loyalty programs are rarely integrated and the ability to accrue value is limited. There is a need for a shared database to manage high volumes of transactions and enable permissioned access and program execution so that loyalty engagements serve both consumers and the numerous organizations with which they interact. On a blockchain-based loyalty program, on the initiation of a loyalty transaction such as the issuance, redemption, or exchange of a reward, the system creates a computer-generated loyalty token, which is a base for all types of rewards, including points. The loyalty token’s unique identiﬁers can be updated on each participant’s ledger and made available across the network.

Image: asiablockchainreview.com

Faster transactions: The payment process for a car purchase is very time-consuming. The manufacturer has to wait weeks before it receives the payment for the shipment of a car. The delay is caused by multiple parties involved in the payment process such as credit letters from the purchaser’s bank or even invoice and documents verification process which involves a lot of paperwork. A blockchain-based system would enable greater transparency of accurate information between the different parties, faster processing of export/import and banking documentation and ultimately reduce the settlement period before the manufacturer receives payment for cars delivered.
Authentic service records: The service record of a vehicle plays a major role in estimating the resale value of the vehicle as well as helps manufacturers to validate the insurance claims. But, the service records are not completely secure. These records can be forged, edited or manipulated either by the customer or third parties to benefit undeserving credits. A blockchain-based system would enable service events details to be stored in a shared ledger that all parties have access to. Transparency of information about a vehicle’s service history enables the secondary buyer, or the manufacturer to better evaluate the vehicle. Moreover, real wear and tear would help the auto finance provider to more accurately gauge the residual value of the vehicle as the lease approached its end of the contract date.
Ownership transfer: The ability to transfer a vehicle’s ownership from one individual/company to another, and for a stakeholder to be able to quickly and reliably check all the relevant information with regards to this, has always been a core requirement. Despite this, transferring ownership of an asset is a complex and inefficient process. Moreover, the majority of these processes are paper-based and often lengthy and corruptible. Employing blockchain advances this process as the technology is decentralized and treats each member of the network as an equally trusted source of information. It’s also very fast and practically impossible to tamper with. BigChainDB, together with Volkswagen Financial Services (VWFS) and Innogy, have therefore developed CarPass – a service collecting and storing all relevant vehicle data on a transparent, distributed ledger thus achieving maximum transparency and speed in transferring ownership. However, the concept goes deeper than just including ownership information. It creates a car’s digital record, which encompasses a car’s prior accidents or damages, its maintenance history, sensor data and much more.
Identification and Tracking: Perhaps one of the most promising key takeaways of blockchain is the verification of transactions and processes, due to its transparent and decentralized nature. Because a blockchain ledger, essentially, represents a copy of all transactions that happened to date, each of them is always up-to-date. Changing one copy does not automatically change the whole chain, making it more difficult to manipulate data. At the same time, the ledger is public, creating even more barriers for fraudulent activities. This is where OEMs can massively benefit from as it needs a reliable way to fight the market for unoriginal car parts. To put it into perspective, the European Union estimates that as of February 2018, around 2.2 billion Euros are lost each year to counterfeit products by car tire manufacturers alone. Blockchain can significantly lower this number.

10 Blockchain Startups Disrupting the Automotive Industry

Amo: A blockchain platform connecting cars, people and service providers through an integrated database. With just a click, users can monetize their weekend drives or other trips.
Autoblock: It gives users a new way to buy and sell cars through its ecosystem built on the blockchain.
Axt: A single solution for dealers and lenders through which a more robust vehicle history report is created and being offered to consumers at a fraction of the cost.
BigChainDB: Develops an ownership transfer service called CarPass in an effort to centralize all information about a vehicle to fight fraud. The pass includes title, service providers, prior damage, maintenance, and inspection history.
carVertical: A startup working on a blockchain-based solution solving the problem of nonexisting transparency about car usage histories.
DAV: Develops a blockchain-based transportation protocol enabling a decentralized, peer-to-peer transportation network.
GEM: Creates a personalized experience where customers are charged based not only on distance but driving behavior, time of day, geolocation, and additional data points.
Loyyal: Leverages blockchain and smart contract technology to provide loyalty and rewards network infrastructure solutions.
One Car Payment: Develops a blockchain-driven algorithm that helps consumers save money on the long-term costs of owning a vehicle by providing a payment service that combines all vehicle payments into one single monthly fee.
VLB: Provides a range of services for producers and distributors of spare parts, insurance companies, as well as fleet management companies. Among these, VLB increases the transparency of spare parts, handles claim management efficiently, and reduces costs for vehicle maintenance and repairs.

Industrializing the Blockchain for the Automotive Industry

Image: blog.global.fujitsu.com

It is expected that the automotive industry will benefit from new technological advancements throughout the years and perhaps even write a new chapter for the sector. With the introduction of electric cars, full autonomy, and ride-sharing services, there is the possibility of a seismic shift that could lead to a future where blockchain is the ideal solution for the management of data.

Hence, automotive companies are refining and redefining technologies by introducing new, exciting concepts like artificial intelligence and connected cars with the end-goal of giving us a driving experience that will be like nothing we have ever known before.

A tipping point can be expected within the next five years, as there are several factors such as the impact of changes in automotive ownerships, the release of sales models and the greater acceptance and adoption of blockchain.

News on Automotive Industry using Blockchain

On November 18, 2019, HashCash Consultants, a blockchain company, has announced a partnership with a group of international car, mining and battery manufacturers to develop a blockchain-based supply chain network to track minerals.
On November 19, 2019, Lamborghini used Salesforce Blockchain to authenticate heritage Lamborghini cars.
On January 30, 2020, Mercedes Benz and Circulor were jointly rolling out a pilot aimed at the tracing carbon emissions in the cobalt supply chain.
On January 30, 2020, CurioInvest and MERJ Exchange Ltd. jointly began offering a token backed by collector luxury cars.
On November 6, 2019, Volvo announced that it will use cobalt recorded on a blockchain for its car batteries after the revealing of its fully electric XC40 Recharge model last month.

Conclusion

The automotive industry has long been considered as the engine of the world’s technological progress. Yet, the sector is facing a number of challenges with promoting, selling, insuring, and recalling vehicles and their components.

Blockchain technology is already proving it is an answer to the majority of these issues by providing car companies and their partners with a reliable and transparent tool to collect, store, manage, and use the car data in a more efficient manner.

Thus, blockchains’ capacity for secure, verified digital transactions in real-time will introduce cost savings, faster and more efficient operations, and service, and, importantly, more safety and convenience for drivers.

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