Source: Growth Opportunities and Use Cases for Blockchain in Automotive
Blockchain’s digital passport can prove invaluable in tracking various functions which leasing providers use, fostering trust among stakeholders. Similarly, any automotive entity can use the technology for financial use cases.
Blockchain technology is emerging as a key solution to address challenges related to transparency, security, and privacy in managing vast data volumes. With connected vehicles generating substantial data, the technology holds immense potential in ensuring data integrity and facilitating secure transactions.
Blockchain will enable establishing secure digital identities in the automotive sector, thus enhancing security for autonomous and networked vehicles. OEMs can leverage a comprehensive digital passport, tracking details from parts to ownership history.
Blockchain instills transparency in data usage, particularly from IoT devices, serving as a core value proposition for retailing connected vehicles. This transparency can become a core value proposition in retailing connected vehicles, ensuring accurate data reporting that aligns with customer expectations.
Blockchain can potentially introduce a flexible business model for car ownership, allowing for fractional ownership and profit-sharing even if multiple stakeholders are involved.
Wherever there are multiple parties involved in a business, you need to ask the question, ‘Do they have any conflict of interest?’ So, all parties want to exchange some data, but in a trustworthy way. This is where blockchain plays a key part because it offers immutability. And the second thing is you can track the lineage—what is happening to my digital asset over time, even across transfers to different people.”
Note: David Raj Daniel participated as an expert in our Think Tank on “Growth Opportunities in Global In-Vehicle OS: Disruptive Use Cases and Limitless Opportunities for Blockchain in Mobility” To gain valuable perspectives from Daniel and other esteemed industry experts, click here to accessthe recorded session.