Quote from: pyce on December 11, 2018, 08:07:21 PM

Quote from: branchun77 on December 11, 2018, 08:05:41 PM

Quote from: pyce on December 11, 2018, 08:03:31 PM

Quote from: branchun77 on December 11, 2018, 08:01:07 PM

Quote from: pyce on December 11, 2018, 07:58:34 PM

Are there any prerequisites for starting to use blockchain in the automotive industry. It is the more proper industry for platform using start than banks, they raise huge amount of money every year..

Like an example - According to the Automotive Components Manufacturers Association of India, fake spare parts cause more than 20% of total car crashes. So yes, blockchain can solve one of these holes

Can blockchain make cars and spare parts cheaper to manufacture?

Possible way of employing this technology in manufacturing is a self-performing smart contract, which keeps all documentation in a digital format, thus removing unnecessary workload. This robot does not need to be controlled by the factory management. Developers program the contract and ensure that all terms and conditions as well as possible implications are listed. For example, when materials are delivered to the production base, the amount payable is automatically remitted to the counterparty. Electronic contract is entered into using digital signature. Hard-copy paperwork does not apply at all. It will reduce operational cost and can affect actual cars value.

Are there any countries that have already recognised this approach and start its integration? India?

Prospects for blockchain employment have already gained recognition from Japan. AISIN group, a developer and producer of components and systems for the automotive industry, has announced it is setting up a fund ($50 mln) to support innovative technology in the automotive sector, primarily the blockchain. The fund is managed by Fenox.