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Global executives see blockchain becoming a disruptive force in the automotive industry

In the daytime most of the world's automotive industry executives believed that the latest blockchain technology will become a disruptive force in the industry within the next three years, according to the report that was revealed.

As of now, the industry is still in the early stages of maintaining the latest technology, the study that was revealed by the IBM Institute for Business Value in conjunction with Oxford Economics said the blockchain has the potential to strengthen collaboration and trust among consumers, businesses and even vehicles.

The blockchain is a distributed ledger technology that provides a more transparent and secure way of conducting business with lots of information to keep on a blockchain that exists as a shared database.

About 62 percent of respondents say that the Blockchain will be a disruptive force in the automotive industry just within three years, according to the report.

"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.

By exposing all the challenges in the field of technology such as processing, storing, analyzing and sharing data, the blockchain can shift the information paradigm from the membership of the error. to the added value.

According to the report, he also revealed that the blockchain would have a major impact on improving the points that is much more faced by the automotive industry.

"Fifty-five percent of OEMs and 47 percent of suppliers say that implementing blockchain will improve imperfect information on their corporate networks," he said.

"Global data has clearly revealed finance, supply chain and mobility services as areas where blockchain could reduce friction," the report said.

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