Rapidly changing automotive landscape
The future of the automotive sector is digital with a profound shift to mobility service-based business. Hence, it’s imperative for industry players to reimagine their strategies and business models to create personalized vehicle experiences. It’s not surprising that the automotive industry has to cope with a wide range of challenges, given the complexities of the ever-evolving automotive landscape. The introduction of new technologies and latest trends such as machine-to-machine (M2M) communications, electric, connected, and autonomous vehicles challenge the security, reliability, and traceability of data, which urges the industry players to prioritize the element of ‘underlying trust’.
Being watchful over these rapid changes in the mobility sector, industry players are rapidly embracing blockchain technology to address these challenges, thereby increasing efficiency, data security and immutability, and meet changing customer demands.
automotive Challenges
Complex Payment Systems
Fragmented data
Complex Supply Chains
Data Privacy
Counterfeit Car Parts
Regulatory Compliance
Insurance Claim Management
Blockchain fueling the automotive industry
Automobiles are steadily progressing into far more than just modes of mobility, becoming mobile data centers with integrated processors and sensors, providing on-demand and personalized services. This means more real-time accurate data would be generated, and what better platform than blockchain can ensure secure and traceable transactions.
While the automotive industry is geared for an uplift, blockchain technology is proving its mettle to transform the way the automotive business is functioning. By ensuring tamper-free, immutable, and trusted data transactions between verified entities can expedite business outcomes, including but not limited to root cause analysis, issue resolution, recall management, new business opportunities, etc. With blockchain-powered solutions, all of these can be performed at scale, thus unlocking novel benefits for all stakeholders in the automotive value chain.
Manufactures/OEMs
- Eliminates fake auto parts
- Enhance automotive supply chain efficiency
- Vehicle safety & data security
- Unmanipubale and transparent logging of data
- Authentic blackbox records
Vehicle Owners
- True vehicle ownership and maintenance history
- Increased trust in used-car market
- Improved customer experience
- Smart contracts eliminates middle men in transactions
Insurers
- Enable usage-based insurance
- Tamper-proof and authentic records
Mobility Services
- Reliable vehicle sharing
- Autonomous vehicles
- Automated payments
Why Blockedge?
Assured automotive industry-specific compliance
Plug-and-play blockchain-as-a-service solutions
Zero-coding deployment and network management
Highly scalable architecture
24X7 blockchain network operations support
Manufactures/OEMs
- Eliminates fake auto parts
- Enhance automotive supply chain efficiency
- Vehicle safety & data security
- Unmanipubale and transparent logging of data
- Authentic blackbox records
Vehicle Owners
- True vehicle ownership and maintenance history
- Increased trust in used-car market
- Improved customer experience
- Smart contracts eliminates middle men in transactions
Insurers
- Enable usage-based insurance
- Tamper-prooof and authentic records
Mobility Services
- Reliable vehicle sharing
- Autonomous vehicles
- Automated payments
Why Blockedge?
Assured automotive industry-specific compliance
Plug-and-play blockchain-as-a-service solutions
Zero-coding deployment and network management
Highly scalable
architecture
24X7 blockchain network operations support
Blockedge joins MOBI consortium to advance blockchain adoption across the mobility landscape
The strategic association enables Blockedge to be a part of MOBI’s decision making and drive common blockchain standards
Discover potential use cases that could redefine the mobility of the future
Automotive Supply Chain Management
Automotive parts are sourced worldwide, making the supply chain process more complex. However, by documenting each step of a supply chain in blockchain, the risk of counterfeit parts can be eliminated. The transparency provided by the decentralized ledger helps automotive companies to efficiently manage the entire supply chain process and easily verify the provenance of parts. Moreover, integrating IoT sensors and RFID tags to the blockchain-based supply chain system helps enterprises in real-time tracking of shipments.
Targeted Vehicle Recalls
This specific use case can be significantly beneficial to OEMs. As against issuing recall notifications for thousands of vehicles, this blockchain application helps car manufacturers in identifying specific vehicles that hold defective parts, thereby issuing targeted recalls for such vehicles. Also, this blockchain-based solution reduces both the inconvenience caused and the total recall costs. In addition, this application can also be used to track the status of the recall.
Warranty Tracking
Blockchain technology proves to be a robust solution for effective warranty tracking. It enables to synchronize the vehicle service history with immutable records available in the distributed ledger, thereby making it easy to detect fraudulent claims. A blockchain-based warranty tracking system facilitates traceability and improves trust across the warranty value chain.
Usage-based Insurance and Leasing
Blockchain adoption can be a boon to insurance companies. The immutability and proof of provenance concept of blockchain technology help insurers to get tamper-proof and authentic records. Most of all, it helps create personalized insurance contracts based on the driving behavior and real car performance, allowing a driver with good driving scores to obtain lower insurance. Similarly, blockchain adoption helps vehicle leasing companies by storing and sharing the driving behavior events, based on which the lessor can calculate the lease rates.
Automated Payments
Every phase of the automotive lifecycle is underpinned by payments. A blockchain-powered payment system connects all parties involved in a secure and reliable environment, assuring transparent transactions. This application also simplifies vehicle sharing services by automatically settling transactions between owners and users through a single-source, usage-based payment system.
Discover potential use cases that could redefine the mobility of the future
Automotive Supply Chain Management
Automotive parts are sourced worldwide, making the supply chain process more complex. However, by documenting each step of a supply chain in blockchain, the risk of counterfeit parts can be eliminated. The transparency provided by the decentralized ledger helps automotive companies to efficiently manage the entire supply chain process and easily verify the provenance of parts. Moreover, integrating IoT sensors and RFID tags to the blockchain-based supply chain system helps enterprises in real-time tracking of shipments.
Targeted Vehicle Recalls
This specific use case can be significantly beneficial to OEMs. As against issuing recall notifications for thousands of vehicles, this blockchain application helps car manufacturers in identifying specific vehicles that hold defective parts, thereby issuing targeted recalls for such vehicles. Also, this blockchain-based solution reduces both the inconvenience caused and the total recall costs. In addition, this application can also be used to track the status of the recall.
Warranty Tracking
Blockchain technology proves to be a robust solution for effective warranty tracking. It enables to synchronize the vehicle service history with immutable records available in the distributed ledger, thereby making it easy to detect fraudulent claims. A blockchain-based warranty tracking system facilitates traceability and improves trust across the warranty value chain.
Usage-based Insurance and Leasing
Blockchain adoption can be a boon to insurance companies. The immutability and proof of provenance concept of blockchain technology help insurers to get tamper-proof and authentic records. Most of all, it helps create personalized insurance contracts based on the driving behavior and real car performance, allowing a driver with good driving scores to obtain lower insurance. Similarly, blockchain adoption helps vehicle leasing companies by storing and sharing the driving behavior events, based on which the lessor can calculate the lease rates.
Automated Payments
Every phase of the automotive lifecycle is underpinned by payments. A blockchain-powered payment system connects all parties involved in a secure and reliable environment, assuring transparent transactions. This application also simplifies vehicle sharing services by automatically settling transactions between owners and users through a single-source, usage-based payment system.