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.

You May Also Like

Northwood U Announces 2024 Class of 20 Under 40 Honorees

The program recognizes NU alumni who are ambitious professionals doing great things in their careers, organizations or communities.

Northwood University 20 Under 40

Northwood University recently announced its 2024 Class of 20 Under 40 honorees. 

Established last year, the 20 Under 40 program recognizes NU alumni who are ambitious professionals doing great things in their careers, organizations or communities.

“Last year’s inaugural 20 Under 40 event was a phenomenal success in terms of alumni engagement and participation, and most importantly, in recognizing the impact NU alumni are making locally and around the world,” stated Julie Adamczyk, senior alumni and engagement officer. “This year, we received more than 230 nominations. This is a testament of how many alumni are deserving of this recognition — narrowing it down to 20 was a difficult job.”

Two NexaMotion Units Expand Product Offerings, Open New Locations

Transtar Industries and C&M Auto Parts are expanding.

NexaMotion Expanding
GPC Reports 2023 Results, Announces Global Restructuring Program

The restructuring includes a voluntary retirement offer in the United States.

AutoPartSource/Momentum USA Receives O’Reilly’s Sales & Service Award

This is the second year in a row that O’Reilly has honored AutoPartSource/Momentum USA with the award.

Momentum USA OReilly
Kalitta Motorsports, Dayco Announce Partnership, Distributor Agreement

Dayco will have branding on J.R. Todd’s DHL GR Supra funny car, and Kalitta is the exclusive at-track distributor of Dayco 11-mm racing blower belts for nitro engines.

Dayco Kalitta

Other Posts

Brake-Fluid Basics

Brake fluid is the lifeblood of the braking system.

Brake Fluid Basics
Get to Know Performance Ride Technology

PRT is a global OE supplier with more than 5,000 products available in the United States.

PRT
Fundamentals of Automotive Electrical Systems

This system is called upon every day to do more and more.

Automotive Electrical