Top Real-life Blockchain Use Cases in Automotive Industry (Part.2)
In the previous article, we have together researched about some best blockchain use cases in the Automotive Industry. Some of them are great collaborations among familiar names in the industry bringing the innovative technology to advance construction of cars and other vehicles. In this article, please continue reading the following top 5 remaining successful blockchain applications in the Car Industry.
6. Blockchain Payment Platform for Vehicles is being built by IBM
IBM Blockchain World Wire will support financial institutions advance the services they deliver to their customers by accelerating and optimizing foreign exchange, remittances and cross border payments. World Wire serves as a network supplier for international payments, allowing point- to- point money transactions instead of the complexities of conventional correspondent banking.
World Wire is the first blockchain network which combines payment messaging, clearing and settlement on a single unified platform. The clients also have the authority to choose some options from a variety of digital assets for settlement. Recently, the system has been available in 72 countries with 48 currencies and 44 banking endpoints.
7. Daimler and LBBW are working together to run Business-to-Business Payments
In June 2017, Daimler- a German vehicle company which owns a famous brand- Mercedes- Benz, has collaborated with Landesbank Baden- Wurttemberg (LBBW) to use blockchain for a private transaction worthing 100 million euros.
According to Daimler’s report, the company has already issued its own enterprise bonds to borrow money from Daimler and other three banks through blockchain paralleled with the current law. Normally, to make this kind of transaction, the debtor will be in charge of several procedures: contract making, an appointment with the investor while the creditor also has the responsibility to conduct the flow of currency and complex supervision. However, with blockchain, we can make the whole process being automatic from making contract and contract execution to debt and interest payment. This way save a bunch of employee effort and also money and time. Moreover, thanks to the decentralization of blockchain, related data is distributed and stored in some servers connected instead of one server.
According to Daimler, blockchain will accelerate the automatic, speed and security, simultaneously reduce financial transaction cost. The two companies have both expressed their concern in advancing the technology further so let’s wait for more for what’s come next.
8. MIT and Toyota utilizes blockchain to rate Driverless Vehicles
Toyota Research Institute, a wholly-owned unit of Toyota Motor North America has teamed up with MIT Media lab and five other companies to utilize blockchain for the development of driverless cars.
According to Toyota, the purpose of the project is to enable businesses and consumers to safely share data on testing and driving as well as the sharing and usage of those cars to support setting insurance rates. Blockchain and distributed ledgers can enable pooling data from vehicle owners, fleet managers and manufactures to pave the way for self- driving cars, creating new rivals and business opportunities for some technology enterprises and vehicles makers.
Besides MIT Media Lab, which is part of Massachusetts Institute of Technology, there are several partners also joined in the project. Berlin-based Big chain DB, which is building the database, Oaken Innovations based in Dallas and Toronto, is developing an application for car-sharing and payments, and Israeli startup Commuterz is creating car-pooling software. Toyota is also adapting vehicle’s sensors to collect driving data and store in a blockchain for reducing car insurance rates.
9. Autonomous Vehicles are being generated by IOTA and Volkswagen
The German automaker Volkswagen has collaborated with the IOTA Foundation for an automotive IoT project. Its product is already launched in Q1 2019 bringing secure IoT to cars.
IOTA understand the difficulty when using blockchain to apply in IoT because it can not handle billions of devices while IoT nature is about connecting devices. Therefore, IOTA created Tangle ledger for the effort of bridging this gap. Tangle has no block and it uses “Directed Acyclic Graph” which makes the network fast while also eliminating the transaction fees. IOTA and Volkswagen have decided to use the technology in their project. They have already launched “Digital CarPass” and “Proof of Concept” (PoC) to provide information about the car to drivers which allow drivers to know beforehand when their car will require servicing.
The two companies also partnered to generate autonomous vehicles. Volkswagen will use the Tangle ledger to manage software upgrades. The ledger will facilitate secure communication, thus autonomous vehicles can be upgraded automatically.
10. Mercedes-Benz simplify its supply chain by using blockchain
German luxury carmaker Mercedes- Benz has become the latest global car manufacturer to implement blockchain technology to streamline its supply chain.
This new development was the result of a partnership with Icertis, an enterprise contract management platform based in the U.S that offers a blockchain framework.
The Mercedes blockchain solution facilitates the creation of a sustainable and transparent mapping of sorted documents across the entire supply chain, ultimately giving Daimler AG, Mercedes-Benz parent company, a valuable tool to vet third- party suppliers. This is achieved through the screening of suppliers based on contractual obligations, human rights, and control standards related to safety and quality
11. Renault utilizes Blockchain to store customer information including passport details
On July 27th, Renault has teamed up with another blockchain champion, Microsoft and VISEO, to release a system that can ensure data in the car passport being stored securely and transparently of blockchain.
The current method people use to keep customer information and their vehicles is by spreading across a whole host of different information system maintained by automakers, insurers and repair shops. Renault understands that inconvenience so they have tried to consolidate that information by using the power of blockchain technology. Thanks to blockchain’s transparency nature and open architecture, all car’s information can be gathered and placed in one spot facilitating customers to access.
According to Elie Elbaz, Digital and Connected Vehicles Director of Renault, blockchain technology can create a reliable trust protocol enabling us to provide customers new services alongside insurers and dealers. He also revealed that this technology is a major step for connected vehicles, microtransactions and other security requirements related to them.
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