Blockchain technology is putting its foot in each and every domain- from healthcare to the automotive sector. Moreover, Fortune 500 companies and leading organizations across the globe are trying to implement the technology into their existing structure.
After a number of automobile manufacturers including BMW, Ford, and General Motors, Groupe Renault has also come up with innovative methods to implement blockchain within its ecosystem.
Renault Identifies 20 Blockchain-Based Projects
Groupe Renault has been experimenting with blockchain technology since 2015. Using a specific methodology, the company has identified 20 projects that will be deployed on the distributed ledger technology. This methodology consists of answering key questions like what are the new challenges that blockchain can help solve and what are the pain points that will be solved by it?
According to Odile Panciatici, blockchain Vice-President for the Groupe Renault, technology is a key factor in enhancing collaboration. Blockchain’s characteristics are key to collaborating in automotive for car design, services, and mobility projects. Moreover, blockchain enables enhanced connectivity across a variety of stakeholders in the automotive industry like manufacturers, suppliers, dealers, and customers.
Renault believes that futuristic cars will be electric, connected, autonomous, and shared. Innovative breakthroughs need to be implemented in order to meet the technological requirements of the automotive industry of tomorrow. Furthermore, the company considers blockchain as a transformative vector for meeting new requirements and regulatory constraints.
With this purview, the company has identified 20 projects- from traceability of financial transactions to communication with equipment manufacturers and the sales network.
Past Renault Blockchain Experiments
The automotive industry leader has also experimented with blockchain’s digital ledger in the past. In July 2017, it developed a project that enables blockchain in tracking the vehicle’s maintenance data.
Partnering with Microsoft and VISEO, Groupe Renault developed a blockchain-based system that stored and represented digital twin of its vehicles. This decentralized ledger is used to track and trace each maintenance activity of its new vehicles. Additionally, the data is transparently stored on a distributed ledger that records the maintenance cycle of the digital twin vehicle.
This data is transparent and can be accessed by concerning stakeholders including the vehicle owner. Moreover, blockchain stores the data in an immutable way such that the data remains accessible even in case of a change in vehicle ownership. The data management on blockchain pertaining to the vehicle management system provides an effective way to build trust among its consumers.
Further, other automotive industry players have also experimented with a blockchain-based maintenance system. This includes Bosch and TÜV Rheinland developed digital twins of vehicles to prevent odometer manipulation. Using AI and IoT devices, they developed a system that records correct odometer readings and stores them on a blockchain ledger. The transparency in readings further enables data credibility and public safety.
Groupe Renault firmly believes that blockchain has opened an ecosystem for the automotive industry. Using blockchain, key values in sectors of performance, operational, and reactivity will increase. Moreover, the technology will be a key factor in building trust within the entire ecosystem.