Mobility is not only limited to that of cars; it covers a vast range to an extended level of technology advancements, including operational automation and self-driving cars. Customers are obliging more personalized options of mobility depending on preferences concerned with their specialization and lifestyle. AI, automation, machine learning, IoT, and digital commerce essentially redefine the entire functionality and operational capacity of the vehicles along with the vehicle usage and variations in the ownership models.
Many have already adopted blockchain technology, and various are in line to dive into the era of a decentralized business model. We all unquestionably know that blockchain integration will definitely add value to their entire business model in one way, whatever the type of business and their domain they are serving. Blockchain automotive solutions avail a vast pool of options, advantages, and easy availability of various facilities to the automotive industries in creating more and more feature-rich autonomous cars.
Self-driving cars need a vast amount of data associated with the road maps, recognition of various objects around, the ability to distinguish between various actions to be applied in the occurrence of various circumstances, and many more. This entire data requires decentralized storage where everyone can easily access it for more precise, transparent, and apparent data to provide people with more accurate results.
How Blockchain is Benefitting Car Manufacturers
Supply Chain Management: Sometimes, instead of whole vehicle theft, people stole their parts, it becomes nearly impossible to track the thief and recover the assets. The integration of blockchain and automation solutions enables car manufacturers to attach a unique RFID tag or identification code to every individual part or accessory of a vehicle to be tracked at any instance of time with complete follow-up. Blockchain stores the vehicle’s lifetime history, allowing them to analyze everything to settle if it has a manufacturing fault or any modifications have been made to it. Blockchain technology also assists in resolving recalls more productively.
Manufacturing Processes: Blockchain looks after multiple manufacturing methods, varying from preserving information from invoices of lading for car parts, records of quality inspection during the entire manufacturing cycle, and WIP (Vehicle Work in Progress) data for every car assembly.
Finances: The adoption of Blockchain 3.0 automates a majority of manually operated automotive industry record-keeping and data entry tasks such as transaction costs and reviews. Blockchain maintains a transparent record of all these processes during the car’s entire lifecycle, from car manufacturing, purchase, driving, and service history till it stops working. The data stored on DLT is immutable. Before adding a data block, it has to follow the consensus protocol to ensure every single bit of data is genuine and validated.
Data Security & Vehicle Safety: If anyone succeeds in penetrating the security layer of a vehicle, there is a possibility to get into other vehicles as these are all interconnected with others to access the required data about climatic conditions, road maps, and other essential records. We need to be grateful to the robust cryptographically fastened blockchain nodes ensuring high-end security via their public and private keys. The data needs mutual consensus from all the nodes before it gets listed on the ledger; it ensures data authenticity and perfect validation. DLT data is protected from reverse engineering and made immutable and permanent, which is impossible for any form of cyber-attacks to change or modify.
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