Can Blockchain Be The Next Big Thing In the Automotive Industry


Even as the Pandemic takes a toll on us, it has pushed many industrial and business sectors further towards becoming widely accepted and driven up adoption of advanced technologies. Millions of businesses have understood the potential of technology, especially when we talk about the blockchain sector. Blockchain is known to uplift many industries and today, almost every industrial sector has included some amount of blockchain technology into its system. And this is the reason why today, blockchain-related jobs have increased rapidly. 

And when we talk about blockchain technology capable of having a noteworthy impact on any industry, then the Automotive Industry should also be taken into account. In the future, blockchain technology may be only one of many innovations that will gain momentum in the automotive industry. According to an IBM survey, 62% of automotive executives believe blockchain would disrupt the industry by 2021.

Many automakers have begun to investigate blockchain technology in the supply chain, defence, car service, and blockchain for autonomous vehicles in the last two years.

Blockchain To Pull Up The Automotive Industry

The main reason why the automotive industry should accept blockchain technology is because of the security it offers. It keeps you away from any kind of fraud and hacking. Blockchain is a decentralised, distributed software ledger used to keep a permanent and tamper-proof record of transactional data. It is most commonly associated with cryptocurrencies. No data stored on the blockchain can be changed or deleted without the consent of all participants, which eliminates the possibility of fraud. And with innovations and technology like the UNA blockchain, it looks like the auto industry is set to embrace the blockchain world. 

Innovators in the vehicle space should consider what blockchain protocols can mean for another massive industry, financial services. Because of the COVID-19 pandemic outbreak, the automotive industry went on to witness a huge loss in the business. And during a time like this, innovation and technology from the blockchain space can do a lot. 

When we look at the automotive industry’s value chain, we can see that the distributed, immutable, and robust existence of blockchain technology can support sourcing, production, delivery, and service functions. Since it allows for micropayments based on real vehicle use and fractional vehicle ownership, blockchain is well designed for new revenue models. Vehicle title transfer can also be simplified and automated with blockchain, which provides a single publicly accessible ledger that interested parties can access on an “as required” basis. 

And all these are just the beginning. The blockchain industry has already entered the automotive industry and there have already been some interesting developments occurring in the auto sector. Let’s take a look at how blockchain technology is transforming the automotive industry.

Supply Chain

Supply chain management, for example, is a natural fit for blockchain technology. Automobile producers work with dealers all over the world. Manufacturers can gain useful insight into existing inefficiencies in their supply chain by putting them into a blockchain-based protocol.

As a result, manufacturers will be able to concentrate on streamlining the design of their cars, potentially lowering construction costs. Consumers may benefit from these cost savings.

Vehicle Ownership Rights

The way we purchase, sell, and pass ownership of our vehicles will all be affected by blockchain technology. Manufacturers can pass ownership of their vehicles as easily as sending BTC by tokenizing their vehicles. In the car industry, a tokenized auto ownership platform could usher in a new era of ownership rights.

Vehicle History

Many websites have made millions of dollars by giving people access to their vehicle’s ownership history before they buy it. These systems’ capabilities could be enhanced by blockchain technology, which would enable customers to see a comprehensive report on the vehicle in question. The study could also go into detail about the vehicle’s construction and suppliers.

Vehicle Location Monitoring

To conduct business, automakers must organise massive fleets of vehicles. Tracking vehicle use is critical for every carmaker, from supply trucks to sales workers. The current system is based on employee documentation, which is then combined with GPS data. Automakers can now monitor large fleets with ease thanks to the consensus capabilities of blockchain technology. This information could then be used to identify areas where costs can be reduced and more competitive business practices implemented.

UNA: The Next Big Thing in Automotive Industry

UNA blockchain is an innovation that can help to bring a lot of development to the automotive sector. “UNA embodies the next era of automotive and is poised to take a leadership position within the industry. With an emphasis on technology, ethics, and transparency, UNA is leveraging next-generation technologies to build a blockchain ecosystem capable of surpassing expectations.” 

UNA blockchain plays its parts in various sectors in the automotive industry. In the supply chain, transparency is a central principle of UNA that starts before the vehicle is built and shines a light on the supply chain that leads up to the finished product. UNA ensures that partners and manufacturers use environmentally friendly and cruelty-free production processes, as well as high-quality products and workmanship, by tracing parts through the supply chain. And when the owner keeps this detailed ledger, they know exactly what went into their vehicle and have warranties on each component in the event of damage or malfunction. 

UNA also takes an extra step to authorize a digital password. Individual preferences can be written to a blockchain ledger, allowing drivers to easily move between vehicles without sacrificing settings or preferences by simply retrieving the previously stored profile from the ledger. Driving a rental vehicle will no longer feel like a rental vehicle. This not only alleviates the customer’s pain points but also allows the organisation to study aggregate user habits and learn about consumer needs over time.

Conclusion

Thanks to technology like the UNA blockchain, it seems that the automotive industry’s future will see substantial improvements. There is already a slew of novel ideas in the works. One should expect these ventures to grow as their results inspire more studies in the field, and hopefully, in the not-too-distant future, you’ll be able to sit back and relax, as your car takes you to your destination with ease.

 
 



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