How Automotive Blockchain Development & Integration Can Help
Vehicle Sales and Leasing
It's a very daunting process while buying a used vehicle; they face adjusted odometer reading, which tempts them to make a bad deal. Unfortunately, the vehicle may have been driven miles more than what the odometer is displaying. Here is the situation where blockchain is making a difference. As blockchain is immutable and the data stored on the decentralized ledger is permanent. Here just by entering the vehicle registration number, the whole status of the vehicle can be checked.
The adoption of blockchain in the automobile industry keeps things clear; the new vehicle buyers can check the complete configuration of the vehicle with all professionally approved features, terms, conditions, and even the mileage of the vehicle. While on the other hand, the used vehicle buyer can clearly check the actual status of the vehicle's outer appearance and internal parts. Apart from this, the buyer can check all the vehicle-associated details, including real-time mileage, repair, and accidental history, overall performance, and other information keeping buyers away from the wrong purchase.
Eliminating Fake Auto Parts
With the current business model, it looks very challenging to identify counterfeit vehicle parts. Moreover, it's tough even to imagine how vast the market is for fake vehicle parts.
Why people get fake parts when they are paying full? It's a huge risk to finances, and their trust in branded products and their lives, especially when it comes to airbags. So immediate countermeasure should need to be taken to avoid all these fraudulent activities.
With RFID tags, vehicle makers can make sure the provenance proof for their spare parts and trace the vehicle location on a real-time basis, which takes their security and control over resources to the next level.
Every time a vehicle goes to service or repair, the information about all the part replacement and other modifications are stored on the decentralized ledger, which keeps the car makers and owners aware of whether they are fitted with genuine or fake spare parts. In addition, before making the payment, the vehicle owners need to ensure that all the repaired or replaced parts are listed on the decentralized ledger, which keeps the manufacturers aware if anyone is trying to fit duplicate parts into your vehicle.
The adoption of blockchain can significantly benefit insurance agencies. The immutability of decentralized records and their proof of provenance concept keeps the records tamper-proof with the assurance of their authenticity.
When the insurance company gets false details about the claimed insurance, the blockchain smart contract helps the insurer verify whether the vehicle reached an accident after the issuance of insurance or it is being damaged beforehand. In addition, the decentralized ledger technology enables the insurer to identify the actual reason for the damage, whether it is due to any technical failure in the vehicle or due to the driver's negligence.
Adopting decentralized infrastructure in cargo shipping and logistics can add transparency and availability of proper information to all in the network with eliminated risks of data tampering.
The shipping companies face numerous challenges in handling a vast volume of P2P communication among transport facilitators, custom brokerages, cargo forwarders, controlling government regulations, warehouses, and ports. This entire information remains limited to the private records of a shipping company which not accessible by the clients.
While on the other hand, the decentralized ledger makes the information easily accessible by the clients, supply chain members, and even the government, ensuring the operations are processed legally while obeying all the standard procedures.
Smart contracts automate a majority of manually organized paperwork, comprising contract making and signing agreements. The integration of the Smart Contract blockchain automates the entire supply by eliminating the need for repetitive P2P communications, making the freight career process more productive and saves a lot of money. In addition, the complete shipment details are visible to all the supply chain members and clients, boosting mutual trust. In it, even strangers can invest as there are no chances of data tampering, fraud, or any financial risk. Furthermore, the cargos can keep real-time tracking of their shipment yard and ensure the availability of items in the yard at any time, which helps them track any theft or item displacements instantly.
Accelerating the Production of Self-Driving Cars
The automotive world is moving ahead to launch driver-less cars with a complete built-in autopilot function. These cars seem incomplete without their access to accurate real-time data. Their functionality and performance solemnly depend on road quality and road sign readability. To speed up the adoption of self-driving cars, companies need to manage and process vast amounts of genuine data with their real-time updates.
Blockchain is making it possible to keep the required information immutably with its open access to all the network members. False information about the routes and road conditions can create problems for these autonomous cars; we can rely on blockchain for this purpose.
Decentralized ledgers allow the sharing of required data among manufacturers, researchers, and vehicle owners. It helps manufacturers to collect required information quickly to move ahead on the journey of driver-less vehicle development.