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The auto industry is betting big on blockchain. In fact, a whopping 62% of auto executives say that the technology behind bitcoin will be a disruptive force in the industry by 2021.
In addition, 95% of car manufacturers plan to make "moderate to significant" blockchain investments over the next three years, according to a report by the IBM Institute for Business Value, a corporate research group.
In its executive report titled "Daring to Be First", the IBM Institute states that the blockchain can revolutionize the automotive industry by bringing transparency to supply chain management and financial transactions.
The automotive industry invests in blockchain
Here are some key results:
- 62% of executives say the blockchain will be a disruptive force in the industry within 3 years.
- 54% expect new business models to influence blockchain investments.
- 54% of executives will implement the first commercial blockchain network on a scale within 3 years.
Industry leaders believe that the ingenuity of distributed accounting systems will strengthen the use of smart contracts, which are self-executed and self-awarding contracts.
"Thousands of parts enter the assembly of a vehicle," noted the IBM report. "The inability to track and verify parts can lead to parts that do not work properly when they are integrated with others, so performance problems and customer dissatisfaction can occur."
Auto executives are counting on the promise of blockchain of secure and traceable transactions and increased information transparency to simplify supply chain management.
The IBM institute stressed that the German Porsche car giant has been testing blockchain applications in its vehicles since February 2018.
As reported by CCN, Porsche has developed blockchain applications to park cars, lock and unlock vehicles, and facilitate the loan of a company car to an employee.
Because all transactions are recorded on a distributed ledger, car owners would be able to monitor who used their vehicle and when. This could play an important factor in the expansion of the "shared" economy that has skyrocketed in recent years.
Blockchain used to keep track of fresh produce
IBM has been quietly looking for blockchain technology for several years. In October 2018, IBM partnered with the French supermarket chain Carrefour to improve food security by tracking down chicken, eggs and tomatoes as they travel from farms to stores.
To do this, Carrefour integrated Food Trust, IBM's bespoke blockchain system as part of its supply chain.
Carrefour – Europe's largest retailer with over 12,000 locations worldwide – plans to use this system to track all its fresh product lines in the coming years.
Carrefour executives say the blockchain will help them identify and prevent salmonella outbreaks related to eggs and poultry, which are a major problem in the food industry.
The world's largest diamond retailer uses Blockchain
Even the claimed bitcoin supporters admit that blockchain is a revolutionary technology that can transform healthcare, banking, supply chain management and even the entertainment industry.
In May 2018, Signet Jewelers – the world's largest diamond jewelry retailer – joined Trac, the diamond blockchain program launched by the South African giant De Beers Group.
The world's largest diamond retailer Joins De Beers Blockchain Projecthttps: //t.co/hYFzthcAnS#Blockchain #Innovation #IoT #Bitcoin #Cryptocurrency #CryptocurrencyNews #CryptoNews
– Blockbid (@blockbid_io) May 27, 2018
The blockchain project ensures that gems are not illegal "conflict diamonds" extracted from slaves in African war zones by providing traceability from mine to client.
Tracr also guarantees that there is no illegal theft or replacement along the way, so that the end user – the customer – can be sure of the authenticity and provenance of the diamond. It is the first program that digitally tracks every diamond from my retail.
Experts say this new use of the blockchain reaffirms the potential revolutionary applications of distributed ledger technology.
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