The advantages blockchain can offer to the automotive ecosystem have caught the attention of auto executives — now strongly believing in its potential. According to a report carried out by the IBM Institute for Business Value, 62% of auto executives believe blockchain will be a disruptive force in the industry by 2021.
The business-research group says blockchain may revolutionize the auto industry by granting transparency to supply chain management and financial transactions — and stated that an impressive number of carmakers plan to make “moderate to significant” blockchain investments over the next three years.
Executives of the industry are counting with improvements and operational efficiencies, namely in terms of security and traceability, in areas such as supply chain management, financial transactions between ecosystem participants, authentication of access to cars and customer experience and loyalty.
However, not only.
“In addition, blockchain technology can help advance new industry business models, such as those related to alternative ownership, car usage and rewards programs, and other mobility services that create brand attractiveness and loyalty.” — in “Daring to be first: how auto pioneers are taking the plunge into blockchain” by IBM.
For example Porsche, The German auto giant, has been testing blockchain applications directly in its vehicles since the beginning of this year. It has been developing distributed ledger applications to park cars, to lock and unlock vehicles via app and to grant temporary access authorizations — and it has also been exploring new business models.
And Porsche is not alone. Other automakers, such as General Motors, have been applying for patents related with this technology.
Why it is important
- Although blockchain application is in its early stages in most industries, with no exception in the automotive sector, companies are increasingly and consistently considering its adoption. To avoid being left behind, other companies of the industry — and of other sectors — can learn with these pioneers and assess their own blockchain opportunities.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.