“Automakers are looking into blockchain, a technology best known for its use in cryptocurrencies like Bitcoin, as a way to boost security in increasingly linked automobiles. As the ordinary automobile becomes more connected, electrified, and/or autonomous, a more sophisticated database will be required to keep up – and blockchain appears to be the answer.”

Automakers now have a real chance to ditch their existing wasteful business processes and adopt a new, more efficient way of doing business thanks to blockchain technology. Within the automotive industry, there have already been several fascinating blockchain developments. Let's take a look at how blockchain technology is transforming the automotive business.

What is Blockchain and How Does a Blockchain Work?

A blockchain is a distributed database, which means that the database's storage devices aren't all connected to the same processor; instead, it keeps track of a growing list of ordered information known as blocks. Each block has a timestamp and a link to a previous block, making it difficult to change one block without affecting the rest of the blocks in the chain. By owning the private keys required to write to the file, users can alter areas of the blockchain that they "own." Cryptography keeps everyone's copy of the distributed blockchain up to date.

By nature, blockchains are secure databases, making them ideal for storing medical information, financial transactions, managing identities, and verifying provenance. In commerce and transaction processing, blockchain can eliminate the intermediary.

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Major Market Highlights:

Renault's relationship with Microsoft and VISEO is beneficial to the market. Using Microsoft Azure Blockchain Technology, the team produced a prototype for a digital car maintenance book. It allows you to save "all vehicle facts in a simplified, tamper-proof, and secure digital car maintenance book."
Oaken Innovations has teamed up with Brisa, a toll road operator, A to Be, and Via Verde to create a commerce platform that uses blockchain to enable smart tolling on booths.
The Insurer Network, a reinsurance smart contract platform built on IBM blockchain technology and hosted on IBM Cloud, was launched in collaboration with Thai Reinsurance Public Company Limited (Thai Re). With a secure single version of truth documentation, Thai Re will be able to gain efficiency and speed in executing reinsurance contracts thanks to IBM Blockchain technology built on the highly secure IBM Cloud.
The ADDA and Intel signed a Memorandum of Understanding (MoU). It aims to accelerate Abu Dhabi's digital transformation by combining Intel's Dubai Innovation Centre and Intel's experience in AI, video analytics, edge computing, blockchain, IoT, workplace transformation, and Augmented Reality (AR). The Memorandum of Understanding also supports Abu Dhabi's Vision 2030.
AWS partnered with BMW Group to help the automotive industry speed data innovation. To track automotive parts and raw materials across the supply chain, the BMW Group's PartChain Platform used AWS capabilities such as Amazon Elastic Kubernetes Service (Amazon EKS) in conjunction with open-source blockchain management tools.

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