Why The Automotive Industry Should Adopt Blockchain Technology

Many industries can use Blockchain technology to streamline, including the automotive industry. With blockchain, automobile manufacturers can create and maintain tamper-proof records of important vehicle data such as who owns it, how it’s been maintained, whether there’s been issuance of any recalls, etc. This information can be made available to the car owner, insurance companies, repair shops, and more without needing the manufacturer’s consent or anyone else involved in tracking and monitoring vehicle data. In fact, in some cases, putting this information on blockchain technology would mean eliminating intermediaries and thereby lowering costs for all parties involved. The Current State Of The Automotive Industry The automotive industry has changed dramatically over time, but one thing has been consistent throughout its history: The role of middlemen. A centralized system facilitates a consumer’s transaction with manufacturers and dealerships and creates a barrier between car owners and their vehicles by placing unnecessary restrictions on them. As one of its foundational pillars, blockchain technology seeks to eliminate these third parties that often create barriers for customers. We’re talking about services like Uber and Airbnb – companies that revolutionize their respective industries by eliminating unnecessary intermediaries between consumers and service providers. To remain competitive in today’s technological landsca...