Blockchain Development for the Automotive Industry

Accelerate Technology Innovation through Custom Automotive Solutions Development empowered by Blockchain Technology

Mobility Open Blockchain Initiative (MOBI) brings together BMW, Bosch, Ford, Groupe Renault, Accenture, IBM, and others to explore blockchain’s potential in mobility

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-Powered Automotive Value Chain

Blockchain brings automotive stakeholders involved in various processes like design, manufacturing, tracking, selling, and vehicle servicing on a single, shared ledger. Thereby, blockchain in the automotive industry enables transparency, accountability, efficiency, and security across the automotive ecosystem

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

Traceability and Authentication
Component Recall

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

Incentive Services1
Ride-Sharing Apps1

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

Insurance Services1
Supplier Identity1

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 Platforms That We Use

We implement smart contracts to automate business operations with the following blockchain technologies

Hyperledger1

Hyperledger

Ethereum1

Ethereum

Stellar1

Stellar

Solana1

Solana

Polygon1

Polygon

Binance1

Binance

Tron1

Tron

NEM1

NEM

EOS1

EOS

Credits1

Credits

Corda1

Corda

Multichain1

Multichain

Hashgraph1

Hedera Hashgraph

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 cant 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 chain. 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 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. A traditional insurance underwriting can take months, whereas it can become 'real-time' and quasi-automatic with blockchain.

Besides, all registered participants can access prior 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 batch. 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.