The automotive industry is a complex ecosystem, with multiple parties involved in the design, production, distribution, marketing, selling, finance and selling of vehicles. With the accelerated change in the industry, blockchain technology showcases immense potential in solving business problems. Implementation of this new technology, will protect automakers from counterfeit products to enhancing their brand experience by creating customer-centric business models.
The distributed ledger technology can be utilized to keep car owners/ drivers and their sensitive information safe. Blockchain will use the highest level of security and safeguard data streams from hackers. This technology will be the ultimate solution to secure connected car data.
Blockchain is a distributed ledger which is tamper proof. In the automotive supply chain, blockchain can ensure no forgery is inserted into manufacturing, shipping and supplying of automotive parts.
Cutting out the middleman is the priority of blockchain technology. Smart Contracts in the connected car industry can be embedded in manufacturing blockchains to instantly release purchase orders at certain phases of the manufacturing process.
The combination of telecommunications and informatics is telematics. This application includes software based navigation, vehicle to vehicle (V2V) communications, and a host of other services that can affect vehicle safety and passenger security. Blockchain will secure the data sent and received by the telematics system.
Today, smart sensors are increasingly used to monitor and communicate with traffic. The implementation of blockchain will enhance the speed of data transport and data security. Blockchain can be used to send emergency warning signals through smart sensors to a vehicle, enabling a growing communication speed with data security.
Blockchain provides the potential to collect the data regarding to the location, drive duration, acceleration, vehicle speed, etc., and deliver it in a secure, unalterable state.
