Automotive Industry Is Applying Blockchain

Automotive Industry is applying blockchain according to CoinDesk’s Consensus 2018. The conference hosted various esoteric use cases for mobility – showing how many automotive industry executives are embracing the blockchain industry.

Sebastian Henot who is manager of business innovation at Renault Innovation Silicon Valley believes the blockchain industry and Automotive industry will make a lovely pair:

“Blockchain can bring cost savings to supply chains thanks to new levels of transparency and audit ability, which would be of vital help in the unfortunate event of recalls”

The added bonus is that this could be the beginning of automobiles each having their own digital identity.

Henot explained how this would be beneficial:

“If you have an Audi and you want to sell it to buy a Renault, it would be very useful for the Renault dealer to be able to access the Audi birth certificate and see a standardized history”

The concept is still new, and the process for what kind of data will be shared and coded is still going to be standardised and set.

The Mobi consortium, is a standards body for decentralised mobility and data sharing. The consortium was launched with members: BMW, Ford, General Motors, Renault and technology providers such as IBM, ConsenSys and IOTA.

Although the consortium is enthusiastic about the token rewards, Henot says:

“My philosophy is let’s start small”

Henot believes that starting with the small things such as mileage on a vehicle – highlights a simple but very important proof-of-concept.

Odometer fraud, where dodgy car sales people turn the clock back on high mileage cars. This problem had been going on for decades – this is the reason many in blockchain industry have begun developing systems to solve this problem.

Hundreds and thousands of vehicles are sold every year with fake odometer readings.

Henot is confident that blockchain technology would improve the automobile industry and protect its clients if the issue around mileage is solved:

“So nobody can tamper it”

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