Blockchain For Automobiles: 9 Ways on How DLT Can Improve Car Industry
Crypto Briefing’s 9 Reasons How Blockchain Can Improve Automobile Industry
When you hear blockchain technology, the first things that are surely to come to mind include, “Web 3.0”, “disruptive”, or a technology that is surely to “revolutionize society”. While such terms are nice to hear, seeing its impact on the various industries is crucial to understand its use cases.
A recent post shared by Crypto Briefing emphasized nine ways in which the blockchain technology can help to increase efficiency within the automobile industry. Here’s a quick look at what was pointed out:
1. Blockchain in Self-Driving Cars
While blockchain still remains in its infancy stage, the example of IOTA Tangle was mentioned in relation to self-driving cars. The current system in place seems to complicate communication across various self-driving car’s specs, which include the communication of “cameras, radar, lidar, etc.” The said solution is that of “smart contracts”, which could properly induce communication and prevent accidents.
2. Self-Driving Car Data
Crypto Briefing trusts that blockchain is essential to bring manufacturers together, that way data can be shared among one another via a ledger. While the idea of self-driving cars might seem innovative, the associated risks require attention. Hence, pooling data could help to catch possible flaws that need correction.
When you hear carpooling or ride hailing concepts, the first firm that might come to mind is that of Uber. Unfortunately, the centralized approach not only has additional hidden fees attached but has made headlines for the lack of consumer protection.
This, according to Crypto Briefing, can be resolved with blockchain technology. In particular, the case made here is that real-time data will be offered such that consumers can make decisions accordingly. Furthermore, a blockchain based identity system is said to be far more accurate than that of a smartphone.
4. Over-the Air Updates Surpass On-Board Computers?
Volkswagen has been reported as the first to consider “over-the-air” updates, which helps to ensure that self-driving cars are in proper condition. Over-the-air updates refers to a wireless delivery of data from mobile devices to tablets. One of its abilities highlighted in the post is that of updating programs, as it works towards finding and eliminating any type of bugs.
5. Tax Implication
Crypto Briefing trusts that blockchain can help to reduce or even completely eliminate fuel tax. Its transparency will not only cleanse the traditional system, but it will also benefit consumers, as they will no longer need to worry over “congestion charges”.
6. Ownership for Rental Purposes
When consumers rent a vehicle, they are required to hold their documents on them. Another problem is that of stolen parts, hence blockchain has been argued as being a “faster and cheaper system that updates with a simple scan,” adding that the traceability of a driver will be done instantly.
7. History Traceability
When acquiring a used car, it is ideal to know its complete history because one, it is an investment, and two, it has the ability to influence one’s life. Not all car sellers are truthful of the possible flaws of a vehicle, and when a consumer purchases it without prior knowledge, the risk only grows. Blockchain is believed to serve well here, as consumers can trace back to the history of the vehicle prior to making such an investment.
Logistics is a fundamental factor within the automobile industry, as it a system that tracks the shipment of parts and cars worldwide. Unfortunately, traceability can be a problem, let alone offering said services to specific countries. Crypto Briefing sees blockchain and smart contracts’ usefulness here as an automotive approach towards processing transactions. Its uses can also better assess inventory, ultimately avoiding “overstock parts”.
9. Embedded Entertainment Systems
The last argument made is that blockchain can serve a gateway to offer a wide range of entertainment services, as opposed to simply audio and Bluetooth. In particular, Crypto Briefing noted that future in-car entertainment systems are surely to expand to one that supports, “instant access to media and experiences and it’s a friction-free approach.” In other words, no more adjusting to properly hear the radio!
Do you think this post covered every possible use case of blockchain technology within the automobile industry? If not, let us know what other ways to consider in comment box below!