Over the decades, there have been many great advancements and innovations that have all left their mark and cemented their impact on the way of the world not only as it stood at the time, but as it continued to evolve. Today, the world as we know and love it is immersed in and surrounded by great feats of digitalisation and technological advancement. And of course each of these innovations has been worth its weight in gold, however there is also the innate realisation that there is always room for improvement.
Take the automotive industry, for instance, and the powerfully positive impact that modernisation has had on the industry over the years. From auto insurance to the first electric vehicles, modernisation can be found in all aspects of the automobile industry.
This is an industry that has been wholeheartedly responsible for the ongoing advancement and innovation of transportation from point A to point B and beyond. Now, we are seeing what is arguably one of the smartest applications of technology in the automotive industry to date. Blockchain technology is now influencing the automotive industry, essentially revolutionising it from the ground up. A form of technology that has made its impact well and truly known already, blockchain is now shaking up the automotive industry and revolutionising it for the better. This is a whole new era.
Addressing the risks to automotive supply and demand
Authenticity and security are two of the biggest struggles when it comes to the supply and demand chain in the automotive industry. While there is a constant stream of parts and the like coming to the market and making their way into vehicles around the globe, there is also a persistent issue with counterfeit parts. In fact, this is a $45 billion-dollar problem in the global automotive market, and it is a problem that only continues to gain more and more momentum as time goes on. There is, however, thankfully a solution. And it comes in the form of blockchain capability, believe it or not.
Introducing blockchain innovation to bridge these gaps
It essentially works like this. In introducing blockchain to the supply chain in the automotive industry, all of the parts will be registered on the blockchain. This is important because it will essentially put the power back in the hands of the companies and consumers by allowing easier traces of the provenance of the parts themselves, as well as the creation of immutable track records for all parts and any track changes in custody. This will essentially allow for ensured authenticity while effectively stopping the flow of counterfeit parts into the automotive industry and beyond.
The future of automotives thanks to blockchain tech
Of course, this is a work in progress and it will undoubtedly come hand in hand with a learning curve, however ultimately it is going to prove to be a distinctly powerful and overwhelmingly positive move for the automotive industry. Blockchain has only just found its way into the global automotive industry, however it has already well and truly established its position as a leading force to be reckoned with and a catalyst for positive change within the industry and beyond. This is just the start. The best is yet to come, so buckle up.