Automotive Industry

Revolutionizing the Automotive World with our First-Classs Blockchain Consultancy

It’s not surprising that the automotive industry is facing a wide range of challenges. Complex supply chains, a multistage manufacturing process, monitoring compliance, car agreement networks, aftersales services – these are some of the aspects that require strong practices and solutions to prevent possible failures. The difficulty of the sector is further intensified by emerging trends such as electric and autonomous vehicles. In blockchain, manufacturers have a influential new tool that can help them cut costs, optimize procedures, improve supply chain management and liability.

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Let’s examine some of the ways in which the technology can advantage the sector.
  • Thoroughly verify and secure vehicle mileages, allowing drivers who do not use their car often to obtain lower insurance
  • Ensure that every step of the supply chain is documented, and the resulting documentation is securely stored and willingly available for inspection.
  • E-contracts for the direct, secure money transfers from a buyer to a seller without the need for a bank or other intermediaries
  • To track the location of all of cars and employees, RFID tags are used in the data that is saved on blockchain
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  • Automated payment system can be applied to car sharing, tolls, etc.
  • By storing the complete history of a vehicle on a blockchain, gives the user a reliable way to verify its history, as well as share related information about a vehicle with third parties like insurance companies.
  • Enable a new type of ride-sharing facilities that track on a peer-to-peer network without the need for any authority.
  • Building platforms that permit self-driving cars to connect and share data with all vehicles in a fleet
  • A little help from smart contracts and IoT, self-driving cars can recharge their batteries at designated stations during downtime.
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Blockchain in Automotive Industry - Case Study
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