The increasing adoption of Blockchain in Automotive market in multiple application areas, such as Vehicle Safety and Data Security, Supply Chain Transparency, Manufacturing, Automotive Financing, Smart Contracts has been the key driver for the market.
Blockchain have found actual lifestyles use instances in supply chain management, fintech and now in auto industry. And these use cases exist, mainly for the following reason: providing end users with better security and ease of use. Blockchain employment in automotive will comprise of many applications such as fleet managing service, or a car leasing company, any business involved in automotive industry will be able to utilize blockchain for better maintenance and repair, operational costs reduction, and improved interoperability with its partners.
What is Blockchain?
It is a distributed ledger technology that enables the creations of an immutable record of transactions to share with multiple participants in a business network.
Blockchains most powerful feature i.e. the shared ledger is replicated and distributed, and transactions are encrypted.
What are the applications of Blockchain in Automotive?
There are various applications of Blockchain in automotive which includes manufacturing, supply chain transparency, automotive financing, smart contracts, telematics, fleet management, vehicle safety and data security and others. Blockchain technology provides auto manufactures, as well as different manufacturing process in automotive.
Blockchain may serve as a key enabler for autonomous car because of its ability to create connection between cars and other devices.
Market Research and Market Trends of Blockchain in Automotive:
- Block chain works on decentralized platforms. Transparency, cost reduction, micro-payments, elimination of third parties, cryptographic security, and immutability are the key benefits of block chain solutions. Block chain is expected to be one of the key pillars of digitization in automotive industry. The financial sector is the pioneer in adopting and exploring block chain solutions for smart transactions.
- The union of Blockchain and car technology presents exciting solutions to a number of the maximum pressing automobile problems, today — especially those facing the connected car industry. And as with most marriages, one partner is likely to do most of the driving. In this situation, the functionality of Blockchain era will drive innovation and solutions throughout the complete automotive system.
- By 2020, experts estimated that 250 million cars will be on road connected to each other. Each vehicle engaged with more than 200-216 smart sensors, and a deeply connected infotainment system, and advanced cloud based core informatics.
Who are the Major Players Blockchain in Automotive market?
The major players in this market are Microsoft, IBM, General Motors, Juniper Research and 7 other companies.
What is our report scope?
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2023.
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Key Takeaways from this Report
- Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals.
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- Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.