The promising performance of blockchain technology in healthcare, banking, and supply chain management has experts predicting a technical upheaval of the blockchain solutions in the car market as well. According to “Daring to Be First” report released by IBM, blockchain is expected to reinvent the functionality of financial transactions and logistics in the car industry by adding transparency.
For instance, their findings concluded 62% of car executives agree that blockchain will transform the industry within three years. The survey also concluded that more than half of the surveyed auto executives plan to implement their first commercial blockchain within three years. It also found that 95% of carmakers plan to invest in the blockchain industry by 2021.
Moreover, IBM’s research efforts in blockchain have been fundamental in the industry’s advancement and influx of technological inquiries by consumers and businesses. In February, the IBM Institute covered the German auto giant, Porsche’s plans to use blockchain technology to monitor loaned vehicles, and park and unlock vehicles. And more recently, in October, IBM partnered with Carrefour – a large French grocery – in October to improve food safety. The partnership hopes tracking groceries from farms to stores will eliminate outbreaks of salmonella.
Furthermore, the advanced nature of blockchain as a secure, indestructible, and transparent ledger is solidifying the technology’s position as an unmatched novelty.