Automotive Industry Welcomes Blockchain


Estimated reading time: 1 minute, 39 seconds

For years, the automotive industry has been stuck in place. Long after you’d expect new innovations to be implemented in the industry, do they finally make it to the big stage. Researchers have conducted studies for decades surrounding cleaner fuel, moving towards the use of renewable energy resources. Even in 2017, owning and driving a renewable energy car is expensive and cumbersome.

E-85 fuel made a big splash when it entered onto the scene. It seems that we could naturally make our cars go, without drilling and causing further damage to the planet. Instead, cars are manufactured in such a way that it doesn’t matter if you use E-85 or not. So, most people choose to go with regular gasoline–something they already know.

Newer technologies, however, have emerged that have propelled the auto industry into modernization. Smart cars are starting to make it onto the road, and with them comes a lot of new technology.

The Automotive Industry Takes on Blockchain

Smart cars, or self-driving cars, allow drivers to sit back, relax, and enjoy the ride. Of course, massive amounts of technology work simultaneously to make this happen. Naturally, they produce loads of data. And with lots of data comes potential issues with security. This is where blockchain steps in.

Because of its very nature, blockchain maintains extremely high safety in data.  If car makers don’t safeguard themselves against hackers, they’re opening themselves up to potentially huge problems. Just like with other data-driven technologies, the auto industry needs to protect itself against any potential threats.

On a more positive note, data doesn’t have to drive the implementation of blockchain. When a car passes through a toll, users can use their wallets (learn more about wallets here!). In the same breath, a wallet can be used to pay for parking and other car-related charges. Blockchain truly has the potential to make huge impacts on the automotive industry!

To read more about the automotive industry being impacted by blockchain technology, check out our page!