Blockchain Technology Can Help The Automotive Industry
Companies at the global level are looking for efficiency and maximum outcomes, each monetary unit invested must provide an acceptable return for investors, it is undoubted that as new information technologies and telecommunications occupy decisive spaces, Company managers, have to innovate, creativity must be made present, in this sense blockchain technology and its cryptocurrency bitcoin can offer answers, therefore, now companies that build vehicles have the possibility to enjoy their potentialities.
Smart cars are a concept that has been going on for some time. From the on-board computers that appeared at least a decade ago, the automotive industry has moved to self-driven cars, and are now entering the blockchain domain. In recent months, companies such as BMW, Honda, Hyundai, Fiat-Chrysler, Ford, Faraday Future, Mercedes-Benz, Nissan and Toyota have introduced innovative and revolutionary technologies in various exhibitions, among which blockchain technology had a significant presence.
The use of automated book technology-based applications will increase the market’s big data with an end-point authentication process, bringing the total value to over $ 1 billion by 2022. It is expected that The use of blockchain technology Very useful as the automotive industry moves towards more digitization of onboard technologies that makes cars smarter. In addition, plans for the deployment of stand-alone vehicles and the growing need to push upgrades for innovation will increase the need for private and secure systems.
The report on an online publication draws few pointers from an article by Steven Overly on one of the leading US dailies to support its commentary on the increasing need for privacy and security. Overly was quoted saying,
“The arrival of big data in the automobile has reason to give consumers pause. For one, there are privacy and security concerns that require vigilance, car hacking has the potential to become a problem if automakers do not effectively safeguard against it. What’s more, automakers already have plans to turn that data into revenue, though many agree that car data belongs to the customers and they should determine how it gets used.”
Therefore, there are few examples in terms of blockchain research in the automotive industry include Toyota’s attempts to use the distributed ledger for increased production, delivery and service efficiency while ensuring transparency to its customers. There are also concepts like blockchain wallets for vehicles in development which allows cars to pay tolls, parking fees and other charges on their own. Porsche recently announced its first Innovation Contest that invited participants to develop blockchain solutions for the automotive industry.
Many of these developments are hoped to come in the near future to realize the vision of self-sufficient and autonomous cars, and blockchain is expected to play a huge role in it. New announcements are expected.
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