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Even the auto industry has started to bet big on growing blockchain technology; It has been found that about 62% of auto executives say that the technology that underlies bitcoin will soon be a disruptive force in the industry that came in 2021.
Not to mention that about 95% of car manufacturers plan to make moderate or significant investments in the blockchain technology over the next three years. This is all according to a report that has been published since IBM Institute of business value; this is a corporate research group.
According to the report entitled "Daring to be the first", the institute goes on to say that blockchain technology will be able to revolutionize the current automotive industry. It is bringing the necessary transparency to supply chain management along with the financial transactions that take place.
The automotive industry invests in Blockchain technology
Some key results have been brought to light; are as follows.
- It was found that 62% of market executives went on to say that the blockchain will soon be disruptive in the industry in just three years.
- It has also been found that 54% also expect new business models to influence the investments in blockchain technology to come into play.
- There are also 54% of executives who will be able to implement their first large-scale commercial blockchain network in the next three years.
Industry leaders firmly believe that the ingenuity of distributed accounting systems will be able to strengthen the use of smart contracts, which are designed to be self-implemented and self-executed.
The report went on to note that there are thousands of parts that go to the assembly of a vehicle, which is a small problem in the industry. The inability to trace and even the ability to easily verify each of these parts could lead to the integration of parts that do not work effectively. Therefore, this leads to problems in vehicle performance and customer dissatisfaction.
As a result, most blockchain executives on the market rely on the promise that blockchain technology can offer – secure and improved transactions and traceable transactions that will effectively streamline supply chain management.
Blockchain technology used to trace fresh products
The IBM institute has carried out an intensive research activity on blockchain technology silently for several years. In October of this year, IBM he went on to work with a French grocery store a mega-chain for Carrefour. The move was established to improve current food security by efficiently tracking eggs, chicken and tomatoes as they are transported from farms to various stores.
In order for this to be possible, Carrefour has first integrated a Food Trust, which is a custom-made blockchain system from IBM that can be used in the supply chain. Carrefour plans to use this new system to effectively monitor fresh products for the next few years.
Carrefour executives went on to say that blockchain technology will help them detect and prevent salmonella outbreaks that have been linked to poultry and eggs, factors that have been considered a significant problem in the food industry .
The world's largest diamond retailer uses Blockchain technology
The Signet Jewelers in May 2018 went on to join Tracr, which is a diamond blockchain program launched by a South African gem, the Behemoth De Beers Group. The company Signet was considered the largest retailer of diamond jewelery. With the blockchain project, it will ensure that the gems used are not illegal or conflicting diamonds that have been extracted from slaves in the areas of the African war zone.
This is ensuring that they provide a mine with the traceability functionality of the customer.
Tracr will also ensure that no theft occurs or illegal replacement occurs along the way, but it will be a revolutionary application in the industry.
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