The announcements of leading car manufacturers partnering with blockchain-based companies have been all over the news. Giants like Renault, Toyota, Mercedes-Benz, Porsche, Ford, Volkswagen, and many others are currently developing new car blockchain solutions to implement in their systems.Volkswagen is piloting blockchain to prevent odometer fraud while Porsche is testing the capability of the technology to allow users to directly interact with their vehicle. You might have read this news in other media but I want to explain to you what is really being done and what are the real impacts of these extensive researches so I will leave you with three specific applications that are currently much more than a dream…
Millions of people struggle every year when they are involved in the process of buying a used car and buyers sometimes make costly mistakes when choosing a used vehicle. Not only they do not know who the previous owners were but they also struggle to find out if the replaced parts are original or if the maintenance service has been done in official workshops. Blockchain is in the front in the contender list of innovative technology to solve this problem. Tamper-proof digital database solutions with all the vehicle data since its production including ownership, service, replaced parts, accidents, error logs are being developed and will most likely become a reality in a very short period of time. The benefits of this technology are very clear and it will definitely contribute to the transparency of the automotive industry.
One out-of-the-box use for smart contracts is also on the way. You can already pay your tolls automatically as you pass through them, but you still need to spend your money on fees for a credit card provider and also the company that manages the “automatic” system. Well, with an Ethereum smart-contract you can trigger it as you pass through the gate and the payment will be made instantly with great security and speed. It is as easy as it sounds and it might be available very soon.
The K.I.T.T. car might still be science fiction but we will definitely have features that will make us believe we can be the next Knight Rider. Communication is vital and on the roads it can save lives. Some car blockchain projects are developing interaction technologies that will not only make your car communicate with its surroundings but also ensure that you have a safer trip. Internet of Things (IoT) sensors are spreading in cities that send information about traffic, constructions, damages or even natural disasters on the roads which would make your trip much more enjoyable and less stressful. Besides this, the ability to communicate with other cars is a true asset and can help everyone to enjoy driving.
I have illustrated some popular use cases that are currently being developed by leading auto manufacturers and will be accessible to the public very soon. Whether you will be aware of it or not, blockchain will be present in your life to some degree and will certainly improve it. The automotive business is just one of the many industries that are working on this disruptive technology and making progress every day so brace yourselves and prepare for life-changing developments!