Blockchain technology in the automotive industry
While research has shown that there are many opportunities presented by blockchain technology, he also said that only a small percentage of suppliers and OEMs are ready to apply blockchain technology. Very few of them have an accurate knowledge of blockchain solutions in the commercial sector.
Companies like Tesla and other emerging companies involved in electrical software have shown that the automotive industry is ready for disruptive innovations. While common interruptions occur in vehicle manufacturing, blockchain technology has made other breakages in the automotive sector possible.
In the automotive industry, blockchain technology can be applied to things like mobility, supply chain and finance. It can be used to track the distribution of parts and after-sales assistance. Dirk Wollschlaeger, Ben Stanley and Matthew Jones the study authors stated:
"At the moment, partial tracing during a vehicle's life cycle is limited, which is why it is easy to add counterfeit parts to the mix.Some service centers use counterfeit parts.We implement blockchain technology, we will solve many of the issues related to safety of consumers and counterfeit products ".
The report continued:
"Blockchain technology can also improve operational efficiency in areas such as access to authentication, financial transactions between the parties involved, loyalty and customer experience, Blockchain will change the way where the business is done for the best. "
According to the report, 54% of industry executives expect new business models to influence investments in blockchain technology. 51% of suppliers and 39% of OEMs had little knowledge of blockchain organizational strategies. Even at this, it is too early to start counting successes. The authors continued:
"Many of the executives who participated in the study do not have a general understanding of a functional organizational blockchain strategy."
Another aspect of the development of blockchain technology is the ability. The study showed that there is a lack of skills in the field. About 42% of the suppliers and 37% of the OEMs declared that the lack of skills is one of the factors that hindered the adoption of blockchain technology. The more blockchain technology is applied in different sectors, the greater the need for qualified people. These expert people will be responsible for putting technology in motion.