Cases of blockchain adoption in diverse industries are increasing, the mobility industry is following the trend as well.
Blockchain revolution in the mobility industry
As blockchain is becoming more and more commercialized in 2019, the heat is coming to the mobility industry as well. According to research from a statistics company, the application of blockchain technology in the mobility industry will increase by 30 percent per year by 2030.
Cases of blockchain adoption in globally renowned automotive manufacturers
In 2017, BOSCH adopted blockchain technology to prevent odometer and driving mileage manipulation. Not only BOSCH, but BMW as well, have partnered with a startup company and developed the actual driving mileage recording system through the use of blockchain technology.
Blockchain can be applied in other areas than just the true driving mileage recording. Last year in February, Porsche has developed a blockchain based ownership verification system to prevent any hacking from inside and out, through the use of blockchain technology.
There are also companies that created their own cryptocurrencies. Last year in March, Mercedes Benz introduced their own cryptocurrency called “MobiCoin” at the MWC (Mobile World Congress). The project was developed upon rewarding the drivers of the MobiCoin for their environment-friendly driving behavior.
Blockchain can be applied to the taxi service as well. A blockchain-based company in Singapore made partnerships with a taxi company to release a service called “Tada Taxi”. Tada Taxi is expected to promote a transparent and reliable ecosystem by recording all the motor vehicles and their related traffic information through blockchain, increasing the reliability of the transportation systems.
Influence of blockchain in used car markets
Blockchain may bring diverse changes to the mobility industry; however, more than the innovations in the mobility industry, great changes in the used vehicle markets. It is expected that application of the blockchain in the used markets may produce a high quantitative outcome.
Unauthorized sale of used vehicles is common in the markets and consumers who purchase those vehicles are left to deal with the fault as well. To prevent such events from happening, the used car markets have to rejuvenate the security and the ownership measure and perhaps think about applying blockchain technology for verification of ownership and also the status and condition of the vehicles.
It has been many years that recording of actual and truthful information of used vehicles has been enforced; however, it is very difficult to determine whether the information is true or accurate since the upkeeping of the data is centralized.
So the used car market is not so reliable since the information regarding the used vehicles is not transparently shared. Information such as whether the vehicle has been in an accident(s), drowning, or any malfunction, in general, is not completely shared with the customers by the used car dealerships, so the customers are left at a disadvantage.
Just as these problems are persistent in the used vehicle market, there are high hopes that blockchain solves such problems. Accordingly, blockchain can most definitely be a solution to the problems that customers have about purchasing used vehicles.
Applying TEMCO solution to the used vehicle market
TEMCO’s Blockchain technology presents enough capabilities for its application in the used vehicle market. If TEMCO’s blockchain technology is applied to the used vehicle transactions, the previous records of driving, accidents, vehicle maintenance, etc. can all be secured from mutation. Once the data about the records are uploaded into the blockchain, the data cannot be changed, so customers are safe from viewing faulty information about the used vehicles in general, and the mutation of the data is prevented. This way, the customers can freely purchase the used vehicles without worries.
Furthermore, if TEMCO’s solution is applied to the automotive parts manufacturing industry, the automotive companies can verify the information about the parts and identify the exact location of any problems regarding the parts, if any.
TEMCO in diverse industries!
This kind of System Integration business can be applied to other industries other than the mobility industry. As mentioned previously, TEMCO’s API system is currently under the process of development is modulated, meaning that the companies can extract the needed portion of the API and apply it to their new or existing systems. Because of such flexibility of the API, companies do not need extensive knowledge about blockchain technology to utilize the API system, conveniently. Through the API system, TEMCO can support the innovation of diverse industries.
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