Blockchain technology, after showing the potential to revamp the financial services and supply chain industries has, at last, arrived in the Automotive Industry
Blockchain is set to revolutionize the Automotive Sector
Since the invention of transportation, especially cars, the automotive sector has always embraced technological advancements. Unfortunately, the inevitability of change has expedited so rapidly that auto original equipment manufacturers (OEMs) on a global scale are finding difficulties to keep up with pace. The automotive industry is changing, and blockchain use cases have made a significant impact on that change. Stakeholders in the auto industry are now exploring ways where they can apply blockchain technology in business applications. They are looking to launch major automotive initiatives based on blockchain technology.
Challenges that may hinder the global adoption of Automotive
Automotive Interactions
Parts Authentication
Manufacturer, Sales & Service Finance
Supply Chain
Vehicle Tracking
Electric Vehicles
How Blockchain will Change the Automotive Industry
Streamlined Supply Chains
Blockchain technology enables developers to develop digital product memory records by extracting the source of the raw materials. With Blockchain Supply Chain Solutions, you can know how and where they were manufactured, including their maintenance and recall history. Authenticity, assembly, product and ownership, trading, and license use of each automotive part can be safeguarded with blockchains, allowing multiple supply chain partners to work efficiently.
Automotive Security & Privacy
Blockchain-based security systems can ensure the safety of connected and autonomous vehicles from privacy breaches and cyber attacks. Blockchain-based Decentralized Applications can help prevent issues related to a single point of failure. They can help develop a system where vehicles, smart homes, software vendors and others can exchange data more safely.
Usage-Based Insurance
Smart contracts applications can enhance the insurance process by automating claims payments. The applications will submit adjudicating based on secure information stored on Smart Contract. It would not only lower costs but also help quicken payments and provide new innovative business models.
Digital Payments
Ethereum, Ripple, Litecoin and other cryptocurrencies are all based on blockchain technology. These cryptocurrencies can be used to enable digital payments in autonomous vehicles. With innovative blockchain platform like IOTA, we can explore blockchain-based micropayments between vehicles.
Automotive Interactions
There is an increasing need that these interactions and transactions must exist on an immutable database of highly secured, shared, and permissioned access. A shared ledger between automotive OEMs, parts distributors, dealers, service mechanics, insurance providers, and others would enable every part or equipment within Automotive to autonomously tell its requirement.
We Harness The Potential of Blockchain To Help Automotive Industry Grow
Oodles Technologies is well proficient for every Blockchain development demand that can drive true differentiation in today’s Automotive enterprise sphere. We strive to deliver services that match with the global scale businesses need.
Blockchain Solutions by Oodles Technologies offer decentralized environments that are used to provide cutting-edge developments in distributed ledger technologies including Smart contracts, Smart Contract auditing, Exchanges, Wallets, Hyperledger, and much more.
As one of the leading Blockchain Development companies in India, our dedicated team of Blockchain developers and designers leaves no exception in meeting the evolving needs of business and society.
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