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62% of the auto industry expects blockchain technology to become a "disruptive force" within 2021. Even more, 95% of car companies want to make "moderate or significant" investments in technology in the coming two years, according to a report by the IBM Institute for Business Value.
To dare to be the first
The relationship is called "Daring to Be First" and states that blockchain technology can bring benefits of the supply chain and the transaction. Some important takeaway reports:
- 62% of executives say the blockchain will be a disruptive force in the industry within three years.
- 54% expect new business models to influence blockchain investments.
- 54% of executives will implement their first commercial blockchain network on a scale within three years.
A great deal of these changes comes from the technology of the smart contract inherent in the blockchain. Smart contracts are essentially automatic "if-then" statements. The report continues: "thousands of parts enter the assembly of a vehicle.The impossibility of tracking and verifying the parts can result in parts that do not work properly when they are integrated with others, so performance and dissatisfaction problems can occur. of customers. "
More specifically, blockchain technology helps to address the following challenges:
- Finance: Problems with manual data entry, transaction costs, reviews and more. Blockchain will help simplify these processes and keep them accurate over the lifetime of a vehicle.
- Supply chain: The parts can be lost in delivery, stolen, replaced, damaged and more. Blockchain-based supply chain solutions will help companies keep track of their resources and ensure that everything gets to where it needs to be.
- Mobility: For car sharing companies it is necessary to provide third party maintenance services, maintenance and more. Blockchain offers a space for these users to keep track of what's going on.
The report also notes that Porsche has been testing blockchain dapps since February 2018. So far, these have been used to lock or unlock cars, to borrow and even to park vehicles, reports CCN. On this platform, car owners can track who uses their vehicles, where they go and for how long. Of course, this could be of great benefit for applications like GetAround.
These statistics come from a survey "1,314 automotive executives in 10 functional areas and 10 countries." The report then states that only a small amount of automotive companies are ready for blockchain use cases, but since the e-commerce market becomes more prevalent, these spaces will have to incorporate the distributed ledger to keep up.
A detailed example in the report is MobiCoin by Daimler AG. This is a blockchain-based project designed to encourage users to "environmentally friendly driving habits." Drivers who earn these coins can turn them into VIP tickets for popular events like the Berlin fashion week or the MercedesCup final.
Further cases of use
Other reports on the use of blockchain in the real world include IBM's collaboration with the Carrefour grocery store to track down eggs, tomatoes, chicken and more on their journey from farms to stores. The company has over 12,000 stores worldwide and will use blockchain technology in the next two years. This monitoring of the supply chain will also help Carrefour to examine Salmonella breakouts, as they could lead the phenomenon back to the starting point.
In May of this year, the world's largest diamond retailer, Signet Jewelers, has partnered with a diamond blockchain program called Tracr from South Africa. This collaboration ensures that all diamonds are legitimate and non-illegal "conflict diamonds" from the African war zones.
Tracr also helps to ensure that no diamond is stolen or replaced illegally during the transfer to dealers. It is the first blockchain project to do it. These use cases and much more are a good thing for traditional adoption.
