Blockchain is a digital, decentralized, distributed ledger which provides a way for information to be recorded, maintained, and shared by a community. It uses technology that underpins bitcoins and other cryptocurrencies. The future of the transportation industry is set to change with improved technology and intense implementation of blockchain. There is an increase in consumer demand and e-mobile services, leading to the expansion of the automobile industry to meet these expectations. Consumers are becoming digital and more knowledgeable, and thus will require advanced technology to receive the best products and services. Self-driving cars and electric vehicles are some of the things that are set to take over the automotive industry.
This article highlights some ways that crypto and blockchain are disrupting the automotive industry. Before we look into the above, here are the characteristics of blockchain:
Blockchain technology is known to have broad applications, and any document can be written and expressed in code form.
All transactions are available for everyone to view, and copies are made to the computer systems; therefore, the information is trusted.
Blockchain is always available and not prone to attacks or interruptions, which makes it very reliable for customers.
With blockchain, transactions are irreversible, which increases the accuracy of records and eliminates any errors.
Blockchain has the capability to generate smart contracts in the case of self-driving cars and chargeable cars.
Studies show that about 62% of the automotive industry expects crypto and blockchain to disrupt the industry. Many fleet management companies, including EyeRide Florida, are working with blockchain and the latest technology to ensure continued provision of the best products and services. Here are some of the ways blockchain will disrupt the industry in the future.
1. Building Autonomous Systems
Using blockchain, the automobile industry is able to gather enough data using the latest technology to enable self-driving cars. These cars are registered on blockchain and record all the routes they take. This information is also useful in providing insight on weather and traffic to ensure the best experience for customers on the road. The data will also be available to share for other cars to enable a functioning system.
Blockchain is set to expand the diversity of the automobile industry. In the past, automobile workers consisted exclusively of men. This is expected to change in the future, making the industry an all-gender sector. This includes both the workforce and customer privileges. It will be a huge step for the success of the industry.
3. Changing Car Trade
As mentioned above, a key feature of blockchain technology is the ability to generate smart contracts. Charging an electric car at a charging station will record information about the car, including the payments, and send it to the owner’s account. A contract derived during this transaction is able to make the necessary deductions from the customer’s bank account.
The bottom line is that crypto and blockchain are now disrupting the automotive industry and will continue to do so in the future. These changes will improve the way business is done and increase profit margins.