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The next big thing!
Although the industry is still in very early stages of development, the study by IBM Institute for Business Value in collaboration with the Oxford Economics said blockchain has the potential to strengthen trust and collaboration between businesses, consumers and even vehicles.
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Transparent & secure way to do business
Say as many as 62 per cent of surveyed executives say blockchain will be a disruptive force in the automotive industry within three years, the study said.
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Removing friction points in the auto industry
"Fifty-five per cents of OEMs and 47 per cent of suppliers say blockchain will improve information in their business networks," he said.
Moreover, 52 per cent of original equipment manufacturers (OEMs) and 40 per cent of suppliers felt that information can be improved.
It further said 43 per cent of OEMs and 29 per cent of suppliers felt blockchain would improve the ability to access a particular transaction.
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Not so ready for the change?
However, when it was found in China, Germany and Mexico.
The industry is in the very early stages of implementation blockchain at commercial scale, say to the study.
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Lack of awareness
42 per cent of OEMs and 33 per cent of suppliers, it added.
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