Blockchain technology has found so many applications in almost every industry; even the most unexpected industry has found great use for blockchain technology. A study conducted recently revealed some shocking news about blockchain technology. The technology is getting ready to disrupt the entire automotive industry. The blockchain is reshaping every industry it steps foot in, starting from finance to supply chain the technology is doing good, blockchain can be expected to change the entire automotive industry within three years.
The automotive sector is still in the early stages but a great opportunity in there for blockchain technology to change the industry at the earlier stage.
Blockchain had the capability to improve collaboration and enhance trust between business, consumers and vehicles, a survey conducted by IBM Institute for Business revealed these results. The study included top talents from the field across ten countries and is from various areas of the industry. More than 62% of the participants consider blockchain as disruptive force waiting to take the automotive industry apart. Also, it is believed that blockchain can bring new investments to the field.
The study also revealed that 54% of the companies in automotive filed have an already adopted the technology, are a large commercial blockchain network can be expected from these companies within the next three year. Blockchain technology is beneficial in overcoming challenges of storing, processing, sharing, and analyzing information. With data accessible to every participant, blockchain creates a lifetime history of an asset, for example, a vehicle, or transaction.
Fifty-five per cent of OEMs and 47 per cent of suppliers say implementing blockchain will improve imperfect information in their business networks
Approximately 52% of Original Equipment Manufactures and 40% of suppliers are placing their trust in blockchain for information security. More than 60% of the industry that blockchain technology can enhance how things are done in the automotive industry.
Even though there are only a small number of companies ready to implement the technology, many of the companies are unaware of what the technology really is, a proper knowledge of the technology is missing and if the missing gap is filled then the technology can reform the industry beyond limits.