The automotive industry has long been considered as one of the most cutting-edge and tech-friendly. From exciting new technologies such as AI and autonomous systems, stakeholders are not shy to lead the way. Blockchain is now being touted as another technology that can be integrated into the world of cars and machines.
Over the last 18 months, car manufacturers have been covertly picking up on the blockchain fever whilst trying to figure out how it can be integrated to suit their different needs.
Volkswagen and IOTA
For example, on June 11th, Volkswagen and IOTA demonstrated a proof of concept that utilises IOTA’s Tangle system for autonomous cars. This is just one way in which blockchain technology can be applied in the automotive industry.
Whilst we aren’t quite at the level of space-age apps and self-driving cars, companies such as BMW are using blockchain to keep track of the cobalt they use, to ensure that it is being mined ethically.
There are a large number of ways that blockchain can work within the automotive industry and some of these are being snapped up already. BMW, Mercedes, and Porsche have already put the tech to the test with various applications such as Mercedes safe driving programme that rewards drivers with cryptocurrency.
IBM and BOSCH
But it is not just the big players leading the way, manufacturers such as IBM and Bosch have entered the race, with the latter holding 958 autonomous car patents, way ahead of Audi who have 512.
Ford, BMW, Renault, General Motors and around 30 other companies have also come together to form the Mobility Open Blockchain Initiative that has come out of UC Berkley. Run by students and including members such as IBM and Bosch, it aims to promote blockchain within the automotive industry.
Formed on May 2nd, four leading car manufacturers launched a joint venture with a mission to increase the adoption of blockchain technology as well as to revolutionise transportation.
We are seeing an increasing number of blockchain use cases as the technology makes its voice heard in a number of sectors from corporations and banks to governments. But Brian Kelly, founder and CEO of digital asset investment firm Brian Kelly Capital Management stated that the motor industry is a new battleground for blockchain;
“This is a tectonic shift in the tech landscape, that has the potential to disrupt the growth plans of legacy tech into the auto.”
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