The rise of the automotive industry is closely linked with technological advances. Artificial intelligence and autonomous systems are being experimented with in new vehicles. Blockchain technology, therefore, is a highly sought after technology in todays automotive sectors. For instance, IOTA and Volkswagen exhibited a proof-of-concept using IOTAs Tangle system in autonomous cars.
Blockchain technology contributes to high-tech gadget filled vehicles, and companies like BMW are using the technology to track the cobalt supply they use to manufacture vehicles. Blockchain technology will ensure ethical mining of this cobalt.
Other companies using blockchain technology are Porsche and Mercedes. Mercedes is introducing a safe driving program using the technology that rewards the drivers in crypto, and Porsche already has blockchain apps in store. Daimler AG, made popular by the Mercedes-Benz smart brands has launched a cryptocurrency called MobiCoin which will reward good drivers!
Bosch is one of the top companies with autonomous car patents. The company held 958 patents as of July 2017, closely followed by Audi with 512 patents. As a member of the Mobility Open Blockchain Initiative, (MOBI), Bosch plays an active role in promoting blockchain technology for the future of the automobile industry. The group, also consisting of BMW, Ford, General Motors and Renault will drive for a speedy adoption of blockchain into autonomous driving, payments and ride-sharing.
Brian Kelly, Founder and CEO of digit asset investment firm Brian Kelly Capital Management says
This is a tectonic shift in the tech landscape that has the potential to disrupt the growth plans of legacy tech into the auto.
Because of the complexities of automobile building and inventory, applying blockchain technology to track and monitor the progress of raw materials till the end user will increase efficiency. Toyota Financial Services joined R3CevConsortium in 2016 to leverage the use of blockchain technology as a distributed ledger to reduce costs, increase efficiency and to make the auto-finance a much more transparent network for customers.
Blockchain technology is already being put to use by car manufacturers in supply chain management and for car passports. The future of automobile is being upgraded by blockchain technology.