Is the automotive industry leaning on blockchain's back?

05 Jul, 2019 | Updated: 05 Jul, 2019
by Manshi Soneji Mamtora
News
Is the automotive industry leaning on blockchain's back?

Car manufacturers are integrating blockchain technology. It is set to influence supply chain management, commerce, and mobility.

Coming next for the automotive industry is its leap into the blockchain technology. According to the IBM report, 62% of the automotive industry is set to make use of blockchain technology by 2021. 

The Distributed Ledger Technology or DLT would streamline the commercial processes by managing data better and erasing the errors of manual data entry. It would also be used in keeping an accurate record of vehicle's lifetime. 

DLT would also be used in supply chain management of industry resources and activities. It would help track the components from the day it is produced to finally being shipped as teh final product. 

Companies like Hyundai, BMW, and Porsche are developing blockchain-based platforms. Hyundai developed a blockchain platform for tracking vehicle ownership and used car trading service. Using DLT for logistics oversight and pairing electric vehicles with smartphones. 

The German carmaker, BMW, has been supportive of Blockchain back in 2018. They announced the usage of technology as a way to share self-driving car data among network participants. It has also collaborated with blockchain start-ups like Vechain to design digital passport for their vehicles. 

Porsche collaborated with XAIN, a Berlin-based start-up to test blockchain applications to be integrated in its vehicles. Porsche also finalized a $170 million loan using Blockchain, by completing a deal with Banco Bilboa Vizcaya Argentaria’s (BBVA), a Spanish bank. The bank is known for being a Blockchain advocate and issuing syndicated corporate loans.

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