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How The Blockchain Technology Is About To Change The Automotive Industry

When we say blockchain most of us relate it with crypto-currency. Truth is block chain is more than that. It can be applied in various other fields. More recently the automotive industry has embraced this technology of the future. For example, Toyota is developing a new kind of technology that might finally boost the autonomous driving technology. Automotive cryptocurrency is also being used by several automobile companies. Several other companies are following suit. Let’s find out what the uproar is all about.

Blockchain technology is nothing but a system very similar to public ledger used to store data and records. Here the whole process is digital of course. The data is collected from a number of computers. It is called blockchain because, the records are stored in blocks so that it cannot be altered without altering the following blocks or compromising the whole network.

This new technology can truly alter the way the automotive industry is running. Here are some of the things it can do.

Identifying Fraudulent Parts

The auto industry is plagues with fraudulent parts. Though they are way cheaper than original ones, they are not of the same quality. Many customers get them by mistake or the parts-seller sell it to them saying it is original. Blockchain can certainly stop this kind of activities and save the customers from losing money as well as keeping their car in better condition by using authentic parts. A unique ID for each part and a timestamp on when it was made. A blockchain of tags can be set into the part which will help maintain authenticity. When a part has been changed, the owner as well as the manufacturer both will get intimation as to which part has been changed. It will also inform the service center when a part cannot be used anymore.

Electric Vehicles

Electric vehicles are growing in numbers every day. Soon it will need a platform where all sorts of information like charging stations, part supply, automakers can be shared in a machine to machine infrastructure. Blockchain technology can help in this regard. In fact, a German company Innogy SE has already launched blockchain enabled charging stations all across Germany. The startup is named Share And Charge. They also have an app that will let you make payments.

Automotive And IoT

The future belongs to autonomous cars. But when cars become autonomous will it be able to realise when a body part needs changing, when it needs servicing, when the insurance needs to be renewed? Apparently, yes! That is exactly what the blockchain technology aims to do to the automotive industry. French automobile company Renault has already implemented something similar in their new models. The cars will have a platform where all the logs related to car servicing and maintenance can be found. Oaken Innovation has used blockchain technology on Tesla cars, so that when these cars pass the toll booth, they can pay automatically through M2M transfers.

Technology helps make our lives better and blockchain is about to bring complete revolution to the automotive industry.