Use of blockchain in auto industry on the platform of Uservice
An era where cars communicate amongst each other for the greater cause has come around. But first, what is it? “The definition of “connected car” is a moving target.”(10 Applications for Blockchain in Connected Car Automotive, 2017) Connected cars tend to,
· “facilitates connections between vehicle systems, driver and passenger devices, and external devices, networks, or systems
· employs Internet, Bluetooth, and evolving V2V communications technologies
· initiates communications with and responds to communications from IoT devices, both internal and external to the vehicle.”(10 Applications for Blockchain in Connected Car Automotive, 2017)
Furthermore, collected data from the communication amongst the connected cars will allow insurance companies to better understanding the driving behavior of every car when issuing a new policy. And this is not the only way of using the given information.
Benefits of blockchain in the future of auto industry
When it comes to blockchain and its use, many may undervalue its use. There is more to blockchain due to its functionality as a 100% autonomous system. Use of blockchain in the auto industry can greatly benefit the end users, manufacturers, legal, banking and insurance sectors of the market, service and maintenance, and many more.
One of the greatest uses of blockchain in the auto industry will be elimination of the middlemen and full transparency and decentralization. This will ensure lower costs on the services and/or products, security of transaction processing and anonymity of one’s information, supply chain transparency, manufacturing, vehicle safety and data security, fleet management and many more. Also, for the businesses using blockchain where transactions are conducted, it will help to audit records while not needing any expensive and difficult to interpret systems. For instance, for the insurance or leasing companies, “by allowing an automated yet always recorded and verifiable transactions, the blockchain will drastically change the way one insurers and leases its car in the future” (Blockchain — Technologies for the Automotive Industry, 2017), since “the car [will be] able to engage into two-way communication with its environment and [will] handle transactions by itself” ” (Blockchain — Technologies for the Automotive Industry, 2017).
With Uservice platform, team is planning to provide more of a service blockchain solution to the industry for easy operation and safety of transactions. Below you can find the categories of the ecosystem and their contribution and gain using Uservice platform.