Tremendous Growth in Automotive Industry with Blockchain

By Embedded Advisor | Monday, December 03, 2018

Blockchain has the capability to transform the way people do everything and act as a new internet of sorts in many fields. It is known that blockchain allows information to be distributed but not copied and stored across multiple channels. The automotive industry is also one of the industries that have adopted blockchain technology to improve overall performances.

With the help of blockchain and machine learning, cars can develop the ability to communicate among themselves, lamp posts, and traffic lights to understand their surroundings better. Self-driving cars rely on cameras, radars, lidars, and preprogrammed algorithms. Cars could predict traffic congestion and find ways to improve safety and reliability with this technology.

The blockchain could connect the manufacturers and allow them to combine all their information on a tamper-proof ledger. Subscription-based ride-hailing schemes come to the fore where the blockchain-based identification can track the car quickly. Integrating blockchain technology into a car allows the manufacturer to verify the current software version of a vehicle in an accident, addressing public proof of data integrity. It can weed out the fraudulent auto parts.

Over-the-air (OTA) updates are one of the innovations of Tesla that has helped the automotive market as cars become more complex and advanced. It allows engineers to make sure vehicles are up-to-date with the latest software for optimal functionality and safety. The OTA update improves various features of the autopilot system.

The blockchain is implemented in congestion charging to detect the toll automatically from the blockchain-enabled digital wallet of the user. It is secure for vehicles taxing. The blockchain-enabled identity of every user would contain a proof of age, insurance, and identity while protecting the privacy of the user and providing a protected payment method. The transactions are based on standard models governed by smart contracts, which would guarantee enhanced tax collection based on the service history. Blockchain can eliminate the problem of the odometer rollback reducing the risk of fraud during the sale of the vehicles. It can offer a wide range of entertainment services, as opposed to simply audio and Bluetooth.

The automotive industry is one of the fastest developing fields utilizing blockchain technology. Autonomous vehicles will only be achievable if secure data transfers and a high-level connection between them is made possible. The blockchain is the only solution to make this a reality.