The global automotive blockchain market is expected to reach $ 1.6 billion by 2026

The global automotive blockchain market volume will reach $ 1.6 billion by 2026. This estimate comes from a PR Newswire article published on August 21, citing a Business Intelligence and Strategy Research report (BIS Research).

The The BIS research report predicts that during the period from 2018 to 2026, the automotive blockchain market will grow at a compound annual growth rate (CAGR) of 65.80%, reaching $ 1575 million by 2026. [19659002] The research was based on a financial analysis of the main market players: Ethereum (ETH), Ripple Labs Inc., IBM Corporation, BigChain DB, R3 and some others.

The expected "robust growth" of the automotive blockchain market is due to the increased popularity of distributed Ledger technology (DLT) and "the myriad of benefits associated with blockchain technology," the report said.

Among these advantages are the exchange of data, transparency, reliability and security and immutable ty. All this has made blockchain technology a major competitor to break the automotive supply chain, the report says. Continue:

"By increasing the technology of accounting books distributed with automation, a plethora of application cases can be realized, the impact of which extends to the entire supply chain. this technology opens up many opportunities that can transform products, services and processes in the automotive industry. "

Already in July, the scientific research institute under the Ministry of Industry and Information Technology (MIIT) in China Collaboration with Internet service provider Tencent Holdings has published a report on possible blockchain applications in the financial sector and how technology has transformed traditional financial services.

At the beginning of this month, the Tezos Foundation announced that it has granted financial grants for blockchain tech and development of smart contracts to four research institutes: Cornell University, University of Beira Interior, University of Illinois in Urbana-Champaign and France-IOI, as reported by Cointelegraph on 10 August.