Automotive blockchain market predicted to grow by 1,511% in the next 12 years
Just last year (2017), when our team began developing the Automotive eXchange Platform (AXP), it was rare reading articles such as these, and seeing projections such as those mentioned in the ridiculously-titled report cited below*. But now they are flooding in from all angles, outlets, and companies of all sizes.
*The report cited in this article is titled “AUTOMOTIVE BLOCKCHAIN MARKET BY APPLICATION (FINANCING, MOBILITY SOLUTIONS, SMART CONTRACT, SUPPLY CHAIN), PROVIDER (APPLICATION & SOLUTION, MIDDLEWARE, INFRASTRUCTURE & PROTOCOL), MOBILITY & REGION — GLOBAL FORECAST TO 2030” I don’t even think such a title can be effectively abbreviated, so for this article we’re just going to call it the Automotive Blockchain Report, or ABR for short. The report can be found here.
The ABR suggests that with a compounded annual growth rate of 31.19% the current automotive blockchain marketplace, which is valued at a little South of one billion dollars ($0.35B), should climb to well over 5.29 billion USD. Truly incredible when you combine this with the surge in blockchain-related legislation in the U.S. we observed in our last article since 2015. It’s all lining up.
And it’s all lining up for the AXP as well. Take a look at some of these lines in the report:
“Smart contracts is projected be the fastest growing application in automotive blockchain market”
“The market for application and solution providers is projected to hold the largest share in the automotive blockchain market”
“The introduction of technologically advanced blockchain solutions has witnessed a certain level of adoption in the automotive applications such as car sharing, ride sharing, electric mobility, automotive title, and the supply chain management, thereby fuelling the overall market growth of the automotive blockchain.”
This is when I remind you, the reader, that the AXP — our blockchain-based project for the automotive industry — is on track to begin development on market applications that will enhance the automotive industry by tackling core issues such as: fraud, transparency, title transfers, and vital stats about used car sales transactions. This is really only the tip of the iceberg, as the system is designed to scale as market actors adopt technologically advanced blockchain solutions. This includes sectors such as auto financing, auto insurance, vehicle history and condition reports, aftermarket and specialty parts, and more.
Exciting times to be involved in automotive blockchain!
Thanks for reading, and thanks for supporting the AXP.
Disclaimer: We’ve gone to great lengths to secure our legal team and advisory board. And given the current climate surrounding blockchain projects, cryptocurrencies, US securities regulations, and ICOs in general, it’s important to note that our official website (https://axt.io) and official White Paper (linked via the website) remain the only official sources of information about this project. This article, and other articles released by this publication are for entertainment purposes only. Thanks for understanding.
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