It is 2020, and blockchain has spread in almost every sector and industry. Its unique features are making people take notice, and like other sectors, the automotive industry is also grabbing ahold of this advanced technology for their use. The industry is facing many challenges in the current climate.
Challenges are as follows
* The customer behaviour is changing with the moving time.
* The rise in demand for electric vehicles.
* The complications while tracking and verifying the vehicles’ components.
* Difficult and slow procedures based on old ideas.
* Support systems are not secured.
* Insecure supply chain
The blockchain solution is here;
Blockchain is famous for its decentralized digital distributor and the peer-to-peer architecture. The presence of blockchain allows data sharing quickly under a secure platform between the different automotive industries, for example, the dealers and distributors, mechanics, insurance providers, and the other participants. The immediate requirements can be sent instantly to these parts through blockchain technology to fulfill the demand quickly.
Authentication of Parts- This is crucial while manufacturing a car. Blockchain enables a secure map for every used or given parts to ensure the car parts are original and verified. This extra layer of protection is increasing the reliability of blockchain technology.
Financial and leasing- The inclusion of blockchain in automotive sectors creates a particular state where all the parties are connected transparently. They can engage in a tamper-free operation of checking KYCs, contracts, and payment processes.
Warranty Claims- In this sector, there are multiple parties involved. By removing third parties and reducing the time, blockchain solutions can be cost-effective to the client and beneficial to the customer.
Supply chain - The secure architecture of blockchain makes the supply chain resist to tamperingand allows you to see the real-time based vehicle tracking that eliminates insecurity for customers.
So why not take a seat with ‘Blockchain Software’ and see how blockchain will change the automotive industry.