How Blockchain Can Upscale Automobile Industry

How Blockchain Can Upscale Automobile Industry


No one knows when this “all new technology” became one of the most integral part of the tech ecosystem. It only seems like yesterday, when you first heard this term and now, the whole world has started to revolve around it.

Well, that’s what the technology is meant to be. Apart from all the big names that have accepted digital coins as one of the legit tenders, there are several other Blockchain usage that you must know. Also, it is not about its usage all the time as this new currency has started to improve several industries too. Today, we’re going to talk about the 5 ways how Blockchain can revamp the automobile industry.

blockchain in auto sector
IMG SRC: coindoo

1. Self Driving Cars:

Blockchain is all about a vast network or a ledger keeping every transaction under its hood. You’re allowed to validate a transaction but not to trace it down. However, deploying Blockchain in self driving cars can really helpful in diminishing the accidents. One of the reasons is that all the self driven cars’ specs lacks the communication that results in accidents. However,taking example of IOTA Tangle mentioned the blockchain usage in self driven cars.

2. Carpooling:

Although, there are various organisations that provide carpooling as one of their services. However, current scenarios have revealed the flaus, which also included the scarce of safety instruments as well as the safety of a traveller. Well, this issue can be addressed by tgetting Blockchain technology, where the real-time data would be offered to help customers make decisions accordingly. It is also said that a Blockchain based identity system is way better than that of a smartphone.

carpooling blockchain
IMG SRC: yantha

3. Faster Updates In Self-Driving Cars:

Volkswagen has become the first organisation to work on “over the air” updates concept to ensure that all the self driving cars in proper shape. Here, the updates are going to be delivered from a mobile device to tablets, where it can get a program updated as it works in a way to search for a problem and eliminate it right there.

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4. Tax:

Now that your cars would be running on Blockchain technology, Crypto Briefing believes that it can not only reduce but also eliminate the fuel taxes. Thanks to its transparency that would help in cleansing the conventional system and also help consumers in saving the “congestion charges”.

5. Car History:

Buying a new car is an expensive step. However, there are options to buy a used car. But, you can’t trust every seller with the intention of him selling the car. There may be a problem with it and he would never tell. Now that a good car not only influences your lifestyle, it also is an investment, which means, it requires you to be extra cautious. But, if the blockchain technology is implemented, consumers can trace every required detail of the car. It becomes useful especially when you’re unwantedly buying a stolen car. So, Blockchain also saved you from getting behind the bars.

car history in blockchain

Overall, Blockchain is not just a technology, it is a revolution that underpins independent transactions free from any control. However, there are a few contradictions due to high possibilities of illegal usage, but the government can tackle it instead of banning it completely. One of the best things about this technology is that Blockchain usage are more beneficial than the possibilities of it being used in any sanctioned activity. If you wish to express your opinion about Blockchain, do let us know in the comments below.

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