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The auto industry has been in the limelight recently as the Trump administration threatened to cut subsidies for electric cars (EV) – partly in response to significant redundancies GM announced in November.
If Congress decides to eliminate subsidies, the act would damage the adoption of EV in the United States and affect the car industry, which is investing a lot in the development of hundreds of new electric models. But within the changing landscape, blockchain technology – a distributed ledger managed by a peer-to-peer network – can help eliminate costs, add value, and help manufacturers stay competitive in a marketplace growth.
Here's how technology can help improve the EV and the automotive industry:
Blockchain allows manufacturers to track materials from the source, reducing costs and counterfeits. & Nbsp; & nbsp;
Currently, the greatest potential impact on cutting EV benefits is an increase in costs between $ 2,500 and $ 7,500 for cars for consumers. Producers could face a similar blow if Congress decides to eliminate incentives as the tax credit decreases once the company has sold 200,000 electric vehicles– A fraction of the expected 125 million that will be in circulation by 2030.
While producers do not receive direct payment from current subsidies to consumers, they feel their impact in a very obvious way because people are more likely to buy electric vehicles when a backlash is included in the purchase.
That desire to reduce costs, retain profits and support consumer purchases is where Blockchain can help. Using blockchain-based track-and-trace technology, companies can reduce costs for their end and increase profit margins by cleaning their supply chains, substantially freeing the production process of counterfeit parts and diversion.
By tracing exactly where the parts of each car come from, manufacturers can also respond to the calls in a cheaper way. Instead of recalling the value of a whole year of a given model, they may only have to account for cars equipped with parts of a given supplier.
As a result, supply chains will become leaner and more efficient.
The technology also helps automotive companies to exploit the value of the brand to increase consumer interest.
The march towards electric vehicles will continue, with or without subsidies.
Currently, 20% of Americans to admit that they will probably buy an EV at some point in the future. And as concerns about potential mileage and refill options decrease, electric vehicles will become more mainstream.
Globally, cities and countries all over the world there is talk of prohibiting sales of cars powered by internal combustion engines. Norway, India, France and the United Kingdom have all set timetables to do so, with Norway observing an ambitious 2025 deadline. Even China, the world's largest greenhouse gas emitter, is developing a long-term plan. phasing out vehicles powered by fossil fuels. Looking to the side of the offer, Ford and GM alone are planning to offer thirty-four all-electric models by 2023, while EV reports at the sector level estimate a general increase in production.
As more and more companies start offering electric vehicles and competition is growing, brands will have to distinguish their vehicles in ways that appeal to those interested in buying them.
One way to do this is to add brand value through the same supply chain mechanisms that can eliminate counterfeits. Monitoring of individual products and components across the supply chain ensures that all participants act ethically and provide evidence that the vehicle is produced sustainably, one that is faithful to the central mission of electric vehicles.
Investments in emerging technologies are essential to keep companies competitive.
One of the motivations that GM gave for their large redundancies was that they wanted to avoid one another experience of a company close to death as they did in 2008. So they say that much of the savings they expect to get from layoffs will be destined to remain competitive in the race for a market share of autonomous vehicles and electric vehicles.
Coinciding with GM's interest in new technologies, many other car manufacturers have begun to study how the blockchain can help them. The Mobi consortium, a working group for decentralized mobility and data sharing standards, was launched at the start of this year. Members include family names in the automotive industry such as BMW, Ford, GM and Renault, in collaboration with technology providers such as IBM, IOTA and ConsenSys.
When consortia have this form, players usually start with small use cases that may be of benefit to everyone. In this case, it can be tracing the tamper-proof odometer, responsible procurement or record of reliable properties. But the hope is that as the initial value of the group grows, more participants will come together to reap the benefits.
The reality is that car manufacturers who do not adopt new technologies to reduce costs and improve their brand value will eventually lag behind. And right now, electric vehicles, along with the blockchain, are taking center stage as the next move in subsidized technology or not.
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The auto industry has been in the limelight recently as the Trump administration threatened to cut subsidies for electric cars (EV) – partly in response to significant redundancies GM announced in November.
If Congress decides to eliminate subsidies, the act would damage the adoption of EV in the United States and affect the car industry, which is investing a lot in the development of hundreds of new electric models. But within the changing landscape, blockchain technology – a distributed ledger managed by a peer-to-peer network – can help eliminate costs, add value, and help manufacturers stay competitive in a marketplace growth.
Here's how technology can help improve the EV and the automotive industry:
Blockchain allows manufacturers to trace materials from the source, reducing costs and counterfeits.
Currently, the greatest potential impact on cutting EV benefits is an increase in costs between $ 2,500 and $ 7,500 for cars for consumers. Producers could face a similar blow if Congress decides to eliminate incentives as the tax credit decreases once the company has sold 200,000 electric vehicles– A fraction of the expected 125 million that will be in circulation by 2030.
While producers do not receive direct payment from current subsidies to consumers, they feel their impact in a very obvious way because people are more likely to buy electric vehicles when a backlash is included in the purchase.
That desire to reduce costs, retain profits and support consumer purchases is where Blockchain can help. Using blockchain-based track-and-trace technology, companies can reduce costs for their end and increase profit margins by cleaning their supply chains, substantially freeing the production process of counterfeit parts and diversion.
By tracing exactly where the parts of each car come from, manufacturers can also respond to the calls in a cheaper way. Instead of recalling the value of a whole year of a given model, they may only have to account for cars equipped with parts of a given supplier.
As a result, supply chains will become leaner and more efficient.
The technology also helps automotive companies to exploit the value of the brand to increase consumer interest.
The march towards electric vehicles will continue, with or without subsidies.
Currently, 20% of Americans to admit that they will probably buy an EV at some point in the future. And as concerns about potential mileage and refill options decrease, electric vehicles will become more mainstream.
Globally, cities and countries all over the world there is talk of prohibiting sales of cars powered by internal combustion engines. Norway, India, France and the United Kingdom have all set timetables to do so, with Norway observing an ambitious 2025 deadline. Even China, the world's largest greenhouse gas emitter, is developing a long-term plan. phasing out vehicles powered by fossil fuels. Looking to the side of the offer, Ford and GM alone are planning to offer thirty-four all-electric models by 2023, while EV reports at the sector level estimate a general increase in production.
As more and more companies start offering electric vehicles and competition is growing, brands will have to distinguish their vehicles in ways that appeal to those interested in buying them.
One way to do this is to add brand value through the same supply chain mechanisms that can eliminate counterfeits. Monitoring of individual products and components across the supply chain ensures that all participants act ethically and provide evidence that the vehicle is produced sustainably, one that is faithful to the central mission of electric vehicles.
Investments in emerging technologies are essential to keep companies competitive.
One of the motivations that GM gave for their large redundancies was that they wanted to avoid one another experience of a company close to death as they did in 2008. So they say that much of the savings they expect to get from layoffs will be destined to remain competitive in the race for a market share of autonomous vehicles and electric vehicles.
Coinciding with GM's interest in new technologies, many other car manufacturers have begun to study how the blockchain can help them. The Mobi consortium, a working group for decentralized mobility and data sharing standards, was launched at the start of this year. Members include family names in the automotive industry such as BMW, Ford, GM and Renault, in collaboration with technology providers such as IBM, IOTA and ConsenSys.
When consortia have this form, players usually start with small use cases that may be of benefit to everyone. In this case, it can be tracing the tamper-proof odometer, responsible procurement or record of reliable properties. But the hope is that as the initial value of the group grows, more participants will come together to reap the benefits.
The reality is that car manufacturers who do not adopt new technologies to reduce costs and improve their brand value will eventually lag behind. And right now, electric vehicles, along with the blockchain, are taking center stage as the next move in subsidized technology or not.
