The future trends of the automobile industry show a massive adoption of blockchain technology. Various automobile companies have started developing Blockchain projects on hybrid blockchain networks to bring transparency and trust and improve operational efficiencies. Now the services offered by these automobile companies are more integrated, personalized, and connected to infrastructure. Traditional IT infrastructure cannot achieve it, so automobile companies use blockchain for this technological transformation. The inclusion of Blockchain technology in the automotive industry is focused on reducing data manipulations and faster operational turnarounds with better quality control to support the industry's growth. In 2020,the automotive blockchain market was 0.35 b USD which is expected to increase to 5.29 b USD by 2030, which is a 31.91% CAGR growth.
The automotive industry embarked on a technical transformation using blockchain technology when, in Q1 of 2017,' car wallet' was made for car sharing and toll payment. The automobile giant Daimler joined the hyper ledger blockchain project to contribute to developing blockchain business applications across several industries. In the same Q1, 2017, the transfer of car ownership over a smartphone using a vehicle identification number was achieved using blockchain technology, which was another milestone. In mid-2017, Porsche also started working on developing blockchain technology for cars in partnership with XAIN. At the same time, another automobile company, Toyota joined Consensus 2017 to initiate various blockchain projects for automobiles.
Looking at the future potential of this powerful technology, three major automobile companies – Ford, General Motors (GM), and BMW associated with IBM and launched a project – Mobility Open Blockchain Initiative (MOBI), in May 2018. The project's focus was to develop blockchain solutions for the automobile Industry.
A study by IBM suggests that a 62% increase in use cases of blockchain in 2021 can be utilized for the automobile industry. This trend will grow faster with advanced developments in DLTs, Blockchain-as-a-service (BaaS), Crypto-payments, and Initial coin offerings (ICO). In various business processes of the automotive industry, blockchain technology will play a significant role.
It is vital to think about security at every level of the technological stack when developing an automotive blockchain application and how to control network governance and permissions. Using both conventional and technologically specific security measures is part of a comprehensive security plan for an automotive blockchain solution. A blockchain application for the automotive industry may encounter security issues like unauthorized access to data, penetrating a corporate network, or conducting unverified transactions. Hackers can carry out these exploits in
The biggest issue with blockchain-based processes is that once launched, they are challenging to amend if there are any operational problems. That's why it's essential to test your blockchain solution with a trusted auditor comprehensively.
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