The auto industry has also started betting big in the growing blockchain technology; it has been found that around 62% of the auto executives claim that the technology that is underpinning the bitcoin will soon be a disruptive force within the industry come 2021.
Not forgetting that about 95% of the car makers are planning on either making moderate or a significant investment within the blockchain technology in the next three years. This is all according to a report that was published by the IBM Institute of Business Value; this is a business research group.
According to the report that was entitled ‘Daring to be the first,’ the institute goes on to say that the blockchain technology will be able to revolutionize the current auto industry. It is by bringing the needed transparency to the supply chain management together with the financial transactions that take place.
The Auto Industry Investing In The Blockchain Technology
Some key findings were brought to light; they are as follows.
- It was found that 62% of the executives in the market went on to say that the blockchain will soon be disruptive in the industry in just three years.
- It was also found that 54% also expect to see new business models coming into play that will be able to influence investments taking place in the blockchain technology.
- There are also 54% executives who will be able to implement their very first commercial blockchain network at scale just in the next three years.
The leaders within the industry firmly believe that the ingenuity of the distributed ledger systems will be able to bolster the use of smart contracts, which have been designed to be self-enforcing and self-executing.
The report went ahead to note that there are thousands of parts that just go to the assembly of a vehicle, which is a small problem within the industry. The inability to track and also be able to verify each of these parts easily could lead to the integration of parts that do not work effectively. Therefore, this leads to issues in the performance of the vehicle and have customer dissatisfaction.
As a result, most of the blockchain executives in the market are counting on the promise that the blockchain technology is able to offer, which is secure, improved transactions and traceable transactions that will be able to streamline the supply chain management effectively.
The Blockchain Technology Being Used To Track Fresh Produce
The IBM Institute has been doing some intensive research of the blockchain technology quietly for several years. In October of this year, IBM went ahead to partner with a French grocery a mega-chain for Carrefour. The move was established to improve the current food safety by efficiently tracking eggs, chicken, and tomatoes as they get transported from the farms to the various stores.
For this to be possible Carrefour first integrated a Food Trust, which is a tailored blockchain system by IBM that can be used in the supply chain. Carrefour plans on using this new system in effectively tracking the fresh produce for the next few years.
The executives of Carrefour went on to say that the blockchain technology will help them in detecting and also preventing the outbreaks of salmonella that have been linked to poultry and eggs, factors that have been considered to be a significant problem within the food industry.
The Largest Diamond Retailer In The World Uses The Blockchain Technology
The Signet Jewelers in May 2018 went ahead to join Tracr, which is a diamond blockchain program that was launched by a South African gem the behemoth De Beers Group. The Signet company has been considered to be the largest retailer in diamond jewelry. With the blockchain project, it will ensure that the gems that are used are not illegal or conflicting diamonds that have been mined by slaves in the African war zone areas.
This is by ensuring they provide a mine to customer traceability feature.
Tracr will also ensure that no theft is taking place, or any illegal substitution taking place along the way, it will be a game-changing application within the industry.