Blockchain is considered one of the most promising technologies today, with a huge impact on many industries. One such sector is the automotive industry, which is seeing increasing interest and investment in blockchain. According to data published by consulting firm PWC, the automotive sector generated $3.2 trillion in revenue in 2018 and accounted for a quarter of the automotive market’s total GDP. The automotive industry is changing according to the laws of a changing economy, and blockchain is one of the key tools influencing this change.
Blockchain has several benefits for the automotive industry. The most important is the ability to create secure, multi-level networks for exchanging data and information. Blockchain is tamper-proof and can be used to create decentralized systems that are easy to manage and quick to execute. This is particularly important for safety data, as well as vehicle performance data. Blockchain can also improve the safety and efficiency of automotive systems by introducing decentralized user identification systems. In the case of electric-powered vehicles, blockchain technology can be used to identify users, as well as to track and manage energy consumption. For autonomous vehicles, blockchain can be used to create autonomous systems that are capable of performing specific tasks efficiently and safely.
According to data published by Global Market Insights, the blockchain market in the automotive sector is expected to grow to $6.2 billion by 2025. Investment in blockchain technology and increased awareness of its benefits are expected to be the main drivers of this market growth. As a result, the automotive industry is using more and more blockchain technology to optimize its operations and improve safety. The automotive industry is one of the most mature sectors using blockchain to create more efficient and secure transportation systems.