How auto pioneers are taking the plunge into blockchain

Betting on blockchain

Autonomous vehicles, new mobility business models and personalized consumer experiences are just some of the innovative opportunities driving change for today’s automotive organizations.
However, inefficiencies still exist in the industry’s business networks – inefficiencies that could be tackled through blockchain.
With its promise of more secure, traceable transactions and better access to and transparency of information, blockchain has the potential to strengthen trust and collaboration among businesses, consumers and even vehicles.
Though blockchain use is in its infancy in the automotive arena, a handful of companies are pioneering its adoption.
To avoid being left behind, other automotive companies can take lessons from these Auto Pioneers and quickly assess their own blockchain opportunities.

Introduction

The advantages blockchain can bring to the automotive ecosystem, both in facilitating collaboration among participants and enabling capabilities for new mobility business models, have gotten the attention of automotive executives. In addition to enabling a single source of data, blockchain can facilitate device-to-device transactions, smart contracts, and real-time processing and settlement. For the automotive industry, this translates into improvements and operational efficiencies in areas such as supply chain transparency, financial transactions between ecosystem participants, authenticating access to cars, and customer experience and loyalty.

Sitting at the core of these various objectives is information. In many cases today, this information is imperfect. It might be missing or incomplete, inaccessible because it’s housed in separate systems or only exists in manual form, or at risk from hackers or other intrusions. This results in additional processing time and costs, as well as increased risk for the business. A distributed ledger technology, blockchain offers a more transparent and secure way to conduct business. Information held on a blockchain exists as a shared – and continually reconciled – database.

In addition, blockchain technology can help advance new industry business models, such as those related to alternative ownership, car usage and rewards programs, and other mobility services that create brand attractiveness and loyalty. For example, Porsche is testing blockchain applications directly in vehicles, including locking and unlocking the vehicle via an app, granting temporary access authorizations and exploring new business models based on encrypted data logging.1 Blockchain capabilities, such as authenticating customers and tracking usage across multiple mobility services, enables brands to deliver personalized experiences aimed at creating customers for life.

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Laurent Leloup
Fondateur Finyear & Chaineum
Auteur de "Blockchain, la révolution de la confiance"

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Chaineum Capital Partners - Blockchain Investment Banking
Chaineum Capital Partners est une banque d'affaires indépendante spécialisée blockchain.
Chaineum Capital Partners is an independent advisory firm for the blockchain industry.
Corporate finance advisory & services: due diligence, valuation, ICO, STO, fundraising, capital raising, M&A.
France (Besançon - Paris) + Switzerland (Neuchâtel - Geneva) + Worldwide Partners.