The majority of the leaders in the automotive sector expect a blockchain – study revolution

porsche car blockchain

The automotive industry, in many cases, will be transformed in the next two years, thanks to disruptive technologies such as Artificial Intelligence, machine learning, 5G technology and, of course, blockchain.

Later it was the interest of the survey conducted by IBM Institute for Business Value, a research arm of technology giants, IBM. The outgoing Institute has published a report titled "Having the courage to be the first: how the pioneers of the car are taking the big step towards the blockchain". He has radiographed the adoption and expectations of blockchain technology in the Auto space.

The study conducted in collaboration with Oxford Economics interviewed 1,314 automotive executives in 10 functional areas and 10 countries.

The results of the IBM study

At least 62 percent of the automotive industry executives who participated in a recent study say they expect blockchain technology to outperform the sector within the next 3 years, as 95 percent of car manufacturers expect moderate to significant blockchain investments in This period.

In addition, 54% of executives – pioneers of the industry's blockchain – say they will implement their first commercial blockchain-scale network within 3 years. 54% expect new business models to influence blockchain investments.

Advantages of Blockchain in the automotive industry

The executives told IBM that they will use the functionality of blockchain and Distributed Ledger (DLT) technologies such as smart contracts to help address industry challenges.

The report said:

"With its promise of safer and more traceable transactions and better access and transparency of information, blockchain has the potential to strengthen trust and collaboration between companies, consumers and even vehicles."

The authors explained that blockchain can help address the inefficiencies that exist in the business networks of the sector as the industry embraces innovative opportunities such as autonomous vehicles, new mobility business models and personalized consumer experiences.

He identified specific areas in the automotive sector where the blockchain was rolled over to achieve the greatest impact by including finance, supply chain and mobility services. In the area of ​​supply chain management, IBM noted:

"Thousands of parts enter the assembly of a vehicle […] The inability to trace and verify parts can lead to parts that do not work properly when they are integrated with others. Therefore, performance problems and customer dissatisfaction can occur. "

Porsche leads the Blockchain pioneers

The IBM report distinguishes German Porsche automakers as the leading blockchain pioneers in the industry – pioneers who refer to organizations with a well-known blockchain strategy and are experimenting, piloting or implementing a blockchain solution.

As reported by Smartereum, this Porsche became the first automaker to successfully implement a blockchain test on their cars this March. In the process, Porsche used blockchain to control blocking, unlocking, parking, and other operations before a new blockchain-based business model based on controllable logging and local encryption.

Immediately after testing the blockchain on his autonomous cars, the financial strategist of the company Oliver Döring explained that the automaker has designed the technology for "[give their] customers more peace of mind in the future.

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