Blockchain-based Automotive Development Services

Blockchain-Based Automotive Solutions

Our blockchain-based custom automotive solution development services empower automotive businesses. From vehicle manufacturing, supply chain traceability, and emerging electric car solutions to ride-sharing and more, we cover wide applications of blockchain in the automotive industry. We have evaluated blockchain's potential across the automotive value chain and found that it is capable of

Authentication and Operational Efficiency

Enhancing efficiencies across the supply chain and back-office operations

Parts Authentication and Traceability
Smart Supply Chain
Specific Vehicle Recalls
Know Your Supplier (KYS)

Incentivization and Vehicle Management

Augmenting vehicle information management and usage data

Dealer and Customer Incentivization
Digital Log Book
Fake Odometer On-demand
Mobility and Ride-Sharing

Insurance, Financing, and Payments

Simplifying transaction processes and information exchange

Insurance Contract Management
Automated Leasing and Financing
Connected Customer Services
Micro Electric Vehicle Payments

Solving Challenges of the Automotive Industry with Blockchain

Supply Chain

Problem

Slow, costly, and opaque supply chain activities

Solution

Smart processes on the distributed shared ledger
Insurance

Problem

Risk of fraud, slow claim processing, and complex contracts

Solution

Fool-proof automated insurance and settlement payments
Manufacturing

Problem

Infiltration of fake or defective parts with no detection

Solution

Traceability of parts origin and integrity from an original equipment manufacturer (OEM) to an automaker
Ride Sharing

Problem

Centralized, insecure data, intermediaries, and slow transactions

Solution

No intermediaries, authenticity, and new business opportunities
Vehicle Recalls

Problem

Increased costs, incapability of finding specific defective parts

Solution

Quick identification of defective parts, targeted recalls
Ownership Transfer

Problem

Inability to verify information, paper-based, and lengthy processes

Solution

Digital ownership records, real-time information verification

Blockchain-Based Automotive Development Services

Vehicle Parts Traceability and Authentication Solution

We develop automotive supply chain solutions that capture, store, and update the information of vehicles and spare parts on a blockchain. It enables car service centers, car manufacturers, customers, and other stakeholders to track auto-part provenance throughout the supply chain. Our solutions ensure transparency, traceability, and verifiability of automobile components and raw materials

Vehicle Component Recall Solution

We build automotive applications that enable car OEMs to identify vehicles containing defective parts. Manufacturers can further issue targeted recalls or service bulletins for these vehicles. It can reduce disruption to customers as well as the recall costs for the process. It can ensure no massive recalls that translate to a considerable cost. The solution also enables the status tracking of a recall

Incentive Services Management

Our blockchain solutions enable the issuance of loyalty points for dealers and customers. They can redeem and use those loyalty points as a currency within an automobile loyalty network. Once a customer has redeemed his loyalty points, the solution will update a dealer’s account for network participants to view. We use blockchain and smart contract technology-based solutions for the instant redemption of loyalty points

On-Demand and Ride-Sharing Apps

Our solutions automate contracts and financial transactions to enable vehicle owners to monetize peer-to-peer (P2P) ride trips. They interconnect smart, autonomous vehicles, car-sharing providers, and end-users reliably and securely. They enable users and car-sharing providers to register on the blockchain for secure and seamless data exchange, including vehicle location, contract terms, and user payment information

Insurance Services Management

We develop blockchain applications that enable insurance firms to form customized vehicle insurance contracts as per actual driving behavior. They do so by processing driving behavior events like speeding and mileage and safety events like defective parts and collisions. The solutions efficiently and securely automate automobile insurance claim payments and financial settlements following an insurance claim

Supplier Identity Management

We build blockchain KYS solutions that collect, record, and validate supplier details before a supplier delivers services to automotive companies. Once stored and approved, they execute supplier payments and contracts with smart contracts when a service or product gets fulfilled as per the business agreement. They enable stakeholders to manage supplier digital identities for digital agreements, digital assets, and workflows

Blockchain technology provides the fundamental advantages of decentralization, immutability, encryption, and transparency. It enables authentication without having to rely on third parties. Within a blockchain network, the data structure remains append-only. So, nobody can alter or delete the info.

The new strategic trends in the automotive blockchain industry include the use of technology in finance, automation applications, smart procurement, and supply chains. These applications complement the automotive blockchain industry while contributing to the development of the automotive blockchain market.

Accenture, IBM, Microsoft, Software Mahindra, Carblock, and others are the leading players in the automotive blockchain industry. They have adopted various strategies to retain key market share in the blockchain automotive industry.

Blockchain can address various supply chain problems by maintaining complex databases and monitoring products and services. In monitoring and testing products and services, a blockchain-based supply chain management system ensures accurate record-keeping and monitoring of provenance. It does so by enabling product information access with embedded sensors and radio-frequency identification (RFID) tags. Blockchain can trace the origin of a commodity right from its start to where it is in the present time.

Also, this form of exact provenance monitoring can assist in detecting fraud in any part of the supply chain. The car supply chain is a highly dynamic and large field that involves numerous participants, including parts suppliers, producers, and sellers. With blockchain, automotive suppliers can protect their brands against counterfeit goods while building customer-centered business models.

Insurers will be able to monitor claims in an unparalleled manner by looking at a transparent blockchain-powered database. Fraudulent claims will be virtually impossible because all the details will be on the distributed database. Hence, various complementary but conflicting stakeholders, frequently untrusting, such as reinsurers, insurers, and brokers, will have their data shared and stored in the blockchain. Traditional insurance underwriting can take months, whereas it can become 'real-time' and quasi-automatic with blockchain.

Besides, all registered participants can access prior know-your-customer (KYC) records and related validated documents instantaneously and safely, using a blockchain. Insurers will also be able to establish immediate and cheaper policies by monitoring the driving hours of the vehicle. Thereby, facilitating strategies like 'pay-as-you-drive.'

A blockchain-based system will enable car manufacturers to recognize vehicles containing faulty components and enforce targeted recalls or sequencing batches. It will reduce the cost of recalls significantly. The solution will monitor the recall status too. It, for example, will track vehicles, the dealer receives for repair. This monitoring can come in use for government reporting on regulatory matters.