Let’s explore the number of ways Blockchain Technology could benefit the Automotive Industry.
With Blockchain, it wouldn't be difficult to verify an electronic part of a car. In fact, the technology could expand when new suppliers are attached to the chain. Each part with its robust unique digital identity would be evident in this tracking system. The OEM and every supplier would have an encrypted record in the ledger, which can instantly identify an incorrect or fraudulent part.
To offer flexible and affordable vehicle insurance packages to customers, it is helpful for Insurance companies to evaluate data from actual driving behavior. In this sense, Blockchain architecture can help vehicle owners to control their personal data shared with the insurance company while providing a guarantee to the insurance company that the data transmitted to them for insurance purposes was not altered by anyone.
By using Blockchain for V2X communication, an OEM can achieve more speed and frequency of secure transmissions. Given the unique design of Blockchain, any record of any transmission can be verified for accuracy, thereby providing the OEM or any vehicle owner with a record of truth. Additionally, Blockchain can address the V2X security matters (many senders, many receivers) without leaving the vehicles vulnerable to hacking.
How Oodles Technologies Helps You?
Oodles Technologies is an advanced Blockchain Development Company which offers its world-class development solutions to the manufacturing industry. We also have our expertise in Enterprise Resource Planning and combine the startling aspects of ERP with Blockchain to give you the most prudent Supply Chain Development solutions best suited for your business.