Key challenges facing the automotive industry

The automotive industry faces a rapidly changing business landscape, including a rapid and profound shift driven by changing consumer technology.

OpenLedger’s experienced team understands the most pressing challenges for companies in the automotive industry, and knows how to use blockchain to overcome them.

Learn how blockchain can help you overcome the automotive industry challenges:

  • Changing consumer behavior
  • Demand for electric vehicles
  • Fragmented data
  • Unintegrated support systems
  • Complex and slow processes
  • Difficulties in tracking and verifying vehicle components
  • Cost pressure
  • Regulatory obstacles

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Blockchain use cases for the automotive industry

The automotive industry is a complex ecosystem with parties involved on multiple levels: design, manufacturing, distribution, tracking, marketing, compliance, selling, finance and servicing of vehicles. Below are some of the real-world blockchain can be implemented in the automotive industry.

Automotive interactions

Blockchain provides secure, access-regulated interactions and transactions in the automotive industry. The technology allows data to be shared instantly and safely between parts distributors, dealers, service mechanics, insurance providers, and other ecosystem participants.

That data could be urgent repair requests, changing parts requirements for assembly lines or aftercare stockists, or payment processing information.

Parts authentication

Blockchain solves the problem of ensuring that car parts are genuine, creating distinctive timestamped IDs for every component.

These marks can provide an additional layer of authenticity protection, one that can be shared securely and instantly between car owners, manufacturers and service centers to track the history of parts changes and usage limits.

Auto leasing and finance

A blockchain-powered solution for automotive industry makes auto leasing and finance easier.

The technology connects all parties involved in a secure environment and guarantees transparent operations: KYC checks, storage of contracts, and automated payment.

Warranty claim handling

Blockchain provides solutions to the data integration challenges faced by the automotive industry. This technology shortens lead times, accelerates processing and supports accurate, effective decision-making and transparency between multiple involved parties.

Blockchain synchronizes service schedules of vehicles with immutable records of actual usage. This data is accurate, tamper-proof and easy to navigate.

Supply chain

A blockchain automotive supply chain enables a smooth order/sell process, simplifies documentation workflow, and makes payments between parties fast and easy.

IoT sensors and devices can be linked together to measure all types of information and inform final settlements, such as the condition of containers or if goods have been damaged.

Vehicle tracking

Blockchain solutions for vehicle tracking adds more value as more parties opt in.

Synergistic effects allow for benefits like better enforcement of environmental laws, and auditable test and service logs proving compliance, as well as manufacturer auditing and opportunities to sell value-added services to customers.

Autonomous ride-sharing

Join the blockchain automotive revolution and implement blockchain-based systems and solutions to facilitate the sharing of rides and vehicle ownership, record and execute agreements, process all payments and update the user’s record with a history of that trip.

Insurance contracts

Blockchain modifies insurance procedures in the automotive industry by creating personalized contracts. The personalization includes real car performance and automates the payment of insurance and financial settlement following an insurance claim.

TCO of the vehicle

The Total Cost of Ownership (TCO) of a vehicle is an important productivity measure for vehicle owners. Implementing blockchain technology makes TCO indicators a valuable real-time automotive index.

This development optimizes vehicle operational costs during the whole vehicle life cycle, provides data transparency and gives space for efficiency improvements.

Companies that use blockchain automotive solutions:

Porsche BMW Ford Mercedes-benz Toyota Renault Mahindra

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Benefits of blockchain technology in the automotive supply chain

The automotive industry is changing, and blockchain is already an impactful part of that change. OpenLedger offers deep expertise in custom blockchain development and implementation for automotive businesses.

All participants in the automotive supply chain can benefit from blockchain implementation:

Disrupting the automotive market

Unlock the potential of blockchain automotive development with OpenLedger’s team. Eliminate existing inefficiencies, improve business processes and benefit from unique opportunities that blockchain can provide the industry.


Vehicle manufacturers

Vehicle manufacturers

  • Data integrity of maintenance records and spare parts
  • Reduction in warranty costs
  • Opportunities for growth
Insurers

Insurers

  • Policy costs optimization
  • Reduction in claims management costs
  • Insurance offers for customers with better histories
Vehicle owners

Vehicle owners

  • Increased trust and reputation in used-car market
  • Transparent car history
  • Maximization of resale value
  • TCO of vehicles

Explore blockchain solutions for:

Supply chain

Supply chain

If you’re interested in the full range of blockchain solutions for supply chains, we have the experience and expertise to deliver.

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IoT

IoT

OpenLedger delivers innovative solutions combining IoT with encrypted, immutable, auditable blockchains.

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Logistics

Logistics

Improve your logistics processes with blockchain technology to gain competitive advantage and reduce operational costs.

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Healthcare

Healthcare

Use blockchain technology for better privacy protection, efficient data exchange, and secure patient data control in healthcare.

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Real estate

Real estate

Explore the benefits of blockchain in real estate, including data management and financial processing optimization.

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Insurance

Insurance

Transform your key processes and leverage the potential of blockchain in insurance industry

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Retail

Retail

Build consumer trust, improve supply chain manageability, protect against counterfeit goods with blockchain for retail.

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Education

Education

OpenLedger brings a team of experienced blockchain developers and creates custom solutions for education projects.

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Charity

Charity

Build trust with donors, recipients and other stakeholders, ensure that aid reaches the right people, and improve administration costs.

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Why work with us

Extensive expertise

You’ll get access to the expertise both of our own blockchain products and of successfully implemented custom solutions

Extensive expertise

Cutting-edge solutions

The OpenLedger team is pioneering the frontiers of blockchain tech and employing it to drive your company’s success.

Cutting-edge solutions

Highly-skilled dev team

All our tech solutions are built by the in-house cross-functional team. The strongest blockchain specialists on the market will be working on your project

Highly-skilled dev team

Profound R&D

OpenLedger’s outstanding R&D department deeply researches unique ways of improving your products and services, so we can implement them together.

Profound R&D

We’d love to show how blockchain can help your automotive business:

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