3 Ways Blockchains Will Disrupt the Auto Industry
Aug. 28, 2018—With the auto industry set to undergo a sizeable shift to more innovative technology, blockchain figures to truly disrupt the industry, as noted in an article by cryptobriefing.com.
The website noted several ways in which blockchain technology—technology that allows insurers, OEMs, repairers and suppliers to exchange data at any moment through a secure network—could seriously alter the auto industry. Chief among them:
- Pooling of Manufacturer Self-driving Data: In the not-too-distant future, blockchain technology could connect OEMs and allow them to pool their information on a tamper-proof ledger, cryptobriefing.com noted, which could save lives.
- Increased Over-the-air Updates: Tesla vehicles already provide over-the-air updates, including notes on the improvements to self-driving technology, and power boosts. Now VW has plans to release similar technology soon, providing drivers with more information about how far they’ve traveled, for example. It’s expected that more automakers will follow suit before long.
- Proof of Vehicle History: Blockchain technology will soon provide used-car buyers with extensive, easily accessible information about a vehicle, such as its mileage at every major service, and any record of major accident damage or an engine failure. Any discrepancies would be much harder to hide than they are currently.