The transportation industry is experiencing significant change as connected vehicles, autonomous cars and ridesharing impact the landscape. To stay competitive, industry leaders are constantly looking for opportunities to increase efficiency, improve security, reduce environmental impact and refine the customer experience. Luckily, blockchain has the potential to solve some of the sector’s most pressing problems.
From verifying a vehicle’s history, better supply chain tracking, automating transactions, enabling seamless ridesharing or supporting fairer insurance, mobility enterprises are already integrating this technology and coming out with exciting applications.
Verification And History
Blockchain technology can prevent the age-old problem of mileage fraud through establishing a transparent, anonymous and manipulation-proof database for mileage. Telemetric data like mileage or battery levels can be uploaded autonomously via the vehicle or through a vendor, such as an autobody repair shop. Accidents and subsequent repairs or service and maintenance work could also be recorded in the blockchain. Having this extra layer of traceability could reduce fraud and significantly impact resale value.
Better Supply Chain Tracking
It’s no secret that blockchain is solving problems and increasing transparency within supply chain processes, including the mobility sector. The vehicle manufacturing process involves an incredible number of components, stakeholders, companies and processes. Blockchain can help every stakeholder in the process get a clear picture of the supply chain. By tracking sales, service, and repairs better, there is more accountability throughout the entire chain.
As new car generations roll out with advanced autonomous functions, automating payments and processes becomes crucial. Smart contracts have the potential to bolster automation in multiple ways.
Reducing the need for barriers such as requiring credit cards…