The majority of automotive executives believe that blockchain will be the next destructor in the industry
The Government of West Bengal will establish a blockchain center in collaboration with the Indian Statistical Institute
At least 340 blockchain companies based in the United Kingdom have closed in 2018
In 1908 Henry Ford released the Model T car and brought the transport belts and mass production technologies until then essentially a handmade affair. In less than 20 years, 15 Mn Model Ts have been launched outside its Detroit factory, handmade automobiles have become a thing of the past, and the automotive industry has moved from a cottage industry to be one of the largest economies in the world.
In 2018, the automotive industry is again preparing for a radical transition from internal combustion engines to electric vehicles. This time, industry leaders are counting on blockchain-driven production to act as a disruptive force and give them a competitive edge, according to a new study by the IBM Institute for Business Value in collaboration with Oxford Economics.
The majority of global automotive executives believe that blockchain technology will become a disruptive force in the industry within the next three years, according to IBM's study.
The study, which examined 1,314 automotive executives in 10 functional areas and 10 countries, including India, found however that only a small part of the executives declared that their business is free of blockchain.
While the technology is still in its nascent phase in the automotive industry, the national carmaker Mahindra & Mahindra has found a rather unexpected use for the implementation of blockchain as a solution.
Read on to learn more about this and other blockchain news from around the world this week:
Blockchain News from India
Mahindra does not like sour grapes
Mahindra plans to export around 800 to 900 containers of grapes this season, of which 40 to 50 will be equipped with blockchain technology according to reports. The supply chain for the whole process is being tested right now and if it receives a nod from the customer, the company will equip more containers with blockchain technology from next season.
This move aims to dispel the concerns of the global market about the transparency of the supply chain of the company and the overall image of the Indian grape export market brand, Mahindra reported He said.
Facebook looks like Blockchain
In an attempt to make its way into the rapidly growing Indian space fintech, the social media giant Facebook is trying to develop a blockchain technology based on Stablecoin,
The company is developing this technology with a focus on the remittance market in India. The country is in first place in terms of remittances with non-resident Indians who send $ 69 Bn (INR 4.84 Lakh Cr) to India in 2017, according to World Bank data.
West Bengal joins the Blockchain Bandwagon
The West Bengal government will establish a blockchain center in collaboration with the Indian Statistical Institute (ISI) to impart blockchain technology and advice to industry participants. The announcement was made during the two days Global Blockchain Congress which took place on 18th and 19th December.
The West Bengal government said it had taken a targeted approach to exploit blockchain technology in an attempt to establish the state as the leader of emerging technology.
"Among the financial institutions, almost 50% of the banks should use this technology by 2020," the state government noted, adding that it is expected to "enormously transform into the non-financial sector within the next few years.
Blockchain News from around the world
South Korean developers ask for "Crypto-Hub"
A South Korean blockchain industrial entity, Korea Blockchain Enterprise Promotion Association (KBEPA), It intends put pressure on the authorities of the city of Gwangju to transform the urban area into a "specialized district of Crypto Valley". The proposal sees transforming the sixth largest city in South Korea into a cryptocurrency hub and creating numerous jobs.
Giving the example of countries like Malta and Estonia, which benefited from the adoption of blockchain technologies, the group said that South Korea ignored the "industrial revolution 4.0" that can be unlocked through use of blockchain.
A cold year for the British blockchain companies
According to U.K.'s Sky News, this year, at least 340 companies based in the United Kingdom have been closed claiming to be involved in cryptoceneri or blockchain. This figure has increased by 144% compared to only 139 companies linked to the failed blockchain in 2017. The data show that over 200 of these companies were established in 2017 and 60% of them closed only between June and November 2018.
It is assumed that the increase in arrests could be an unfortunate result of the fall in the price of Bitcoin, which decreased by 87% in the year.
This concludes our blockchain news overview for the week and 2018. This year will be seen as the year when the blockchain has become a real technology to be relegated to the sides by the cryptic mania of the fact that the early adopters went instead of the decentralized and secure ledger that it actually is.
That said, fall of us a Inc42, a million thanks, happy holidays and see you in January!