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Most of the leaders in the global automotive industry believe it blockchain technology will become a disruptive force in the industry within the next three years, according to a study.
Although industry is still at the beginning of the technology adoption phase, the IBM Institute for Business Value study in collaboration with Oxford Economics states that blockchain has the potential to strengthen trust and collaboration between companies, consumers and even vehicles. .
Blockchain is a distributed ledger technology that offers a more transparent and secure way of conducting business with information contained in an existing blockchain as a shared and continuously reconciled database.
About 62 percent of executives surveyed say the blockchain will be a disruptive force in the automotive industry within three years, the study says.
In addition, 54% of executives interviewed expect new business models to influence blockchain investments, while 54% of pioneering cars (companies that have adopted the technology) will implement their first commercial blockchain network on a scale within the next three years, he added.
The study examined 1,314 automotive executives in 10 functional areas and 10 countries, including India.
"While blockchain networks are starting to engage and integrate with other corporate networks, opportunities will emerge to provide new services and generate new revenue streams," says the study.
Overcoming the constraints of the technical challenges of archiving, processing, sharing and analyzing data, the blockchain can shift the information paradigm from value-added errors, he said.
With information shared by all participants instead of having an individual or private version via blockchain, "information becomes a chronology of a resource (such as a vehicle) or a transaction and is transparent to everyone," he added.
According to the study, the executives interviewed believe that the blockchain can have a strong impact on the improvement of the friction points of the information faced by the automotive industry.
"Fifty-five percent of OEMs and 47 percent of suppliers say implementing blockchain will improve imperfect information in their corporate networks," he said.
Furthermore, 52% of original equipment manufacturers (OEMs) and 40% of suppliers believe that information risks can be improved.
In addition, 43% of OEMs and 29% of suppliers believed that blockchain would improve the ability to access the information needed for a particular transaction.
The leaders of the automotive sector have also seen the opportunity to improve key functional areas affected by information frictions.
"Global data has clearly revealed finance, supply chain and mobility services as areas where blockchain could reduce friction," the report said.
However, by reviewing data by country, it was found that after-sales sales were among the most popular areas for OEMs in China, Germany and Mexico.
Since the automotive industry is in the very early stages of implementing commercial-scale blockchain, only a small portion of executives say their organization is ready, according to the study.
"Part of the problem is that many executives lack a general understanding of their organizations' blockchain strategies," he said, adding that 39 percent of OEMs and 51 percent of vendor respondents were only slightly aware of the strategies.
The ability of the blockchain to overcome regulatory constraints concerns 42% of OEMs and 33% of suppliers, he added.
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