What Does Blockchain Technology Have to Offer in the Automotive Sector?

Blockchain technology, popularized by the introduction and use of cryptocurrencies is now being touted as the next big thing in the Automotive Industry. The term “blockchain technology” typically refers to the transparent, trust less, publicly accessible ledger that allows secure transfer of ownership of valuable units using public-key encryption and proof of work methods.

According to a study by IBM published in 2018, 62% of automotive executives are convinced that blockchain will be disruptive for the automotive industry by 2021, and the same study also found that 54% of Auto Pioneers plan to implement their first commercial blockchain network at scale within the next three years.

The automotive supply chain complexity consists of; numerous types of parts, hardware, software and firmware suppliers, distributors, dealers and much more. This enormous product variety creates complexity and pressure for logistics. This is where blockchain can reduce the laborious task of managing the entire automotive supply chain. Read more @ http://bit.ly/Blockchain-for-Autonomous-Vehicles