Blockchain allows shared access to information that is distributed and assists in upholding the confidentiality and trust of the members. Each and every industry is been influenced by blockchain technology and the automotive industry is no exemption. Automotive blockchain has numerous benefits like an overall decrease in the ownership cost, low data manipulations & leaks, and quick transactions. Blockchain streamlines business procedures and generates operational flexibility & transparency. This can be primarily credited to the advantages provided by the blockchain technology within the automotive industry, like auditability, real-time monitoring, and scalability of data. The implementation of blockchain in numerous automotive functional domains has increased as automotive OEMs (original equipment manufacturers) carry on spending in the technology to unearth its potential within the market. All of these factors are projected to drive the growth of the global automotive blockchain market during the forecast period.
In addition, blockchain technology is achieving traction within the automotive industry on account of the benefits like usage-based insurance, transportation, payment, and logistics. Also, the rising need for stability and improved transparency within multifaceted automotive processes, the automotive blockchain market around the world is flourishing at a considerable pace. Moreover, a rising automobile production rate together with the escalating growth of the automobile industry is projected to fuel the global market growth. In addition, the rising need for automobiles can be credited to the enhancing economic conditions, the growing disposable income of the people, and rapid urbanization, which further is projected to boost the expansion of the global automotive blockchain market in the years to come.
Furthermore, the technology, with increasing digitization, has turned out to be a core element of information technology (IT) financial plans within the automotive industry. Apart from this, the automotive blockchain market is helpful in several domains like connected cars, mobility solutions, retailing & leasing, supply chain logistics, IoT, and autonomous driving applications. Nevertheless, the vagueness in government rules; the dearth of technical expertise & restricted scalability; and worries associated with control, privacy, & security are few factors that might hinder the expansion of the global automotive blockchain market during the forecast period.
To cite, in early March 2020, the Seoul Metropolitan Government has announced that it will conduct operations for the integrated information system of the automobile industry. That is developed as a database on user car parts, sales, tuning, and maintenance while implementing blockchain technology to avoid changes to the database and offer transparency and security to the system. Data will be sourced by the database into a website jac.or.kr from the automobile industry in Jaganpyeong in Seoul to offer an unchallengeable data source in comparison to the traditional databases.
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