Watch: How Will Blockchain Change The Automotive Industry?

Watch: How Will Blockchain Change The Automotive Industry?

How does the automotive industry come into play? Verifying the authenticity of parts, perhaps?

Bitcoin and cryptocurrencies like bitcoin have made some people a whole lot of money.

Besides trading in and out of cryptocurrencies, blockchain is immensely useful for something else: verification. Blockchain is a distributed ledger — a record of transactions that are verified by computers around the world, peer-to-peer, instead of through a central entity, such as a bank. It’s a way to verify something with someone you don’t necessarily trust. Blockchain has these amazing characteristics.

1) It’s reliable.    

2) Available     

3) transparent     

4) Immutable – you can’t change it!      

5) Irrevocable and     

6) Digital. Hey, everyone loves digital!

If the ledger says something happened, something happened. How does the automotive industry come into play? Verifying the authenticity of parts, perhaps? What if a service center, car manufacturer and the customer whose car is in the shop could all verify that the part being installed on a vehicle isn’t counterfeit? What would happen if the team working on warranties could verify the part being claimed for warranty is the real deal and not a fake? What if a car maker could verify each part of each vehicle and single out specific vehicles without having to issue a blanket recall by model and model year?

Have you ever opened a box and wondered if what’s inside the box is what is stamped on the box? If so, blockchain could solve this and forever set your mind at ease. How are you going to get involved in blockchain? If you’re interested, I’d suggest reading up on it, as much as you can. Start asking around. Ask what your company is doing with blockchain and tell them you’d like to get involved. If they’ve never heard of it, start doing something about it today. Check into how your operation can be run more efficiently through use of blockchain.

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