Driverless cars… sound like something out of a science fiction movie? Not anymore. The future of autonomous technology is fast approaching and driverless car technology is the new focus of advancement.

Where smart houses – a house where technology linked all the appliances – was once thought trendy, the spotlight has now lit up the possibility of trialling the same method of technology with automobiles. The idea that technology can connect cars for a driverless experience is definitely appealing for some.

Blockchain Technology, once developed and integrated into auto vehicles, can allow the car to park, refuel and recharge by itself – and even pay for the services too.

What is Blockchain

Blockchain is a ledger technology that enables the creation of transactions within a business network. It offers immutable recording of details which means any data stored cannot be tampered with, edited or erased.

Blockchains best features:

1. Blockchain technology keeps your data safe

Only authenticated parties have access to view files within the ledger. A benefit is that the ledger access can be controlled in case you need another colleague to view it.

2. Transactions are always encrypted for security measures

Included parties receive separate security certificates that can unencrypt the data files. No one but the authorised stakeholders and owners of the file is able to access the data at any time.

3. The shared ledger is undisputable

Parties involved in the ledger agree that the document is correct upon storing, reducing the need for inconsistencies or disputes as the files aren’t able to be altered. The ledger is considered final and complete to all authorized parties.

4. The ledger is distributed to all stakeholders and every permission-enabled attendant gets access to one copy – resulting in greater transparency and collaboration across the board.

Blockchain advantages

• Improved transparency

• Reduced cost of resources and reduced time in settling disputed cases

• Lower settlement timeframe due to all binding parties having accurate and transparent documents

• Blockchain increases trust and cooperation between businesses and network participants

• Creates opportunities to assess a credit risk situation

• Provides data to credit lenders where applicable

• Reduces administrative labour for companies

Blockchain has a varied amount of options for improving security and protecting data files. It also has the ability to collect the required data needed for creating autonomous vehicles.

To start off, the research focuses on trips made, tools that simplify ride-sharing, and the creation of new insurance options that are usage based for customers who want to save on their insurance.

How does the automotive industry benefit from Blockchain

A Blockchain-based system enables manufacturers and service centres to trace origins of replacement car parts. Some manufacturers can become concerned that garages are providing counterfeit replacement parts. Blockchain keeps accurate records of the replacements, reducing reputational damage for the manufacturer if they are held liable for accidents caused by counterfeit faulty car parts.

Sales and Finance service departments are able to make use of Blockchain Technology by storing records of vehicle owners to gain an accurate perception of real-time car usage and wear and tear to assess for warranty eligibility.

There are many uses for Blockchain technology, and business and auto vehicle owners alike can benefit from this technology in all parts of their daily life.

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