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Blockchain Phenomenon Puts the Pedal to the Metal for Automotive Industry
Regarded as the most innovative sectors, leading the way for advanced technologies, the automotive industry always had the knack for introducing something new to the table. Blockchain technology is as one such technology, and it comes as no surprise that the industry is quite fascinated with this new space. Automobile manufacturers have been unostentatiously utilizing the blockchain phenomenon, considering numerous ways in which they can harness the potential of this immutable ledger to fit into their demands.
On June 11, IOTA and Volkswagen exhibited a proof-of-concept that applies IOTA’s Tangle system for autonomous cars. This development is just one application of blockchain technology in the automobile industry.
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Reports about the likes of BMW implementing blockchain to trace the cobalt they use in manufacturing to guarantee ethical mining is already termed as a game changer for this industry.
Blockchain applications can range from anything as simple as BMW’s logistics to Volkswagen’s autonomous car, as the automotive industry continues to shoulder more fail-safe use-cases of this disruptive technology.
The more prominent manufacturers are already attempting to implement some of the applications of the blockchain.
Porsche, BMW, and Mercedes turned heads earlier this year as they began putting the blockchain to the test—BMW with its cobalt ledger, Mercedes introducing its safe driving program that rewards drivers in crypto and Porsche with its blockchain apps.
There are others following close as they try to corner the blockchain market. In fact, it is not just blockchain for cars; some well-known manufacturers are driving the blockchain adoption alongside the likes of IBM and Bosch.
Bosch is now one of the foremost companies in the race for autonomous car patents. As of July 2017, Bosch held 958 patents, followed by Audi with 512.
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By Joshua Leland, Director of Blockchain for Development Solutions Lab, Chemonics International