Blockchain Technology Revolutionizing Automotive Industry

Automotive Ecosystem Participants to Spend ~0.6% of their Total IT Spend on Blockchain by 2025
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Published: 31 Mar 2017

Scope of the Study Blockchain was conceptualized by Satoshi Nakamoto. Blockchains are a new data structure in which data is replicated at every node on the network to create permanence and resilience. There are ~600+ digital currencies and ~70+ digital assets built on platforms such as Ethereum and Counterparty. The Blockchain ecosystem includes exchanges, wallet providers, payment service providers, blockchain platform providers, consortiums such as R3 CEV. Blockchain works on decentralized platforms. Transparency, elimination of third parties, cost reduction, micro-payments, cryptographic security, and immutability are the key benefits of blockchain solutions. Blockchain is expected to be one of the key pillars of digitization across various industrial verticals. The financial sector is the pioneer in exploring and adopting blockchain solutions for smart transactions. Healthcare, insurance, networking, and transportation are some of the other sectors focusing on blockchain. The study provides an in-depth analysis of the automotive key functional areas (such as smart manufacturing, supply chain logistics, retailing and leasing, mobility, connected living, and IoT) that can use blockchain technology. Blockchain will disrupt the automotive industry and will create growth opportunities, monetization avenues, and facilitate digital transformation. This research study includes the following segments: Scope: The aim of this study is to research and analyze the implications of blockchain technology for the automotive industry. This study identifies various automotive key functional areas that can be leveraged using blockchain technology and their growth potential. Covered Automotive Key Functional Areas: Smart manufacturing, supply chain logistics, retailing and leasing, mobility, connected living, and IoT Geographic scope: Global Objectives of this Study: • To provide an overview of the blockchain technology across various industry verticals • To provide an in-depth analysis of the automotive key functional areas that can use blockchain technology • To furnish a detailed analysis of the blockchain penetration rate for the automotive industry • To identify the blockchain growth opportunities and companies to action pertaining to the automotive industry Key Questions Answered: • What are the various industries disrupted by blockchain technology? • How does the blockchain technology revolutionize the automotive industry? • What are the various use cases that blockchain technology can support in the automotive industry? • Who are all the key participants involved and what is the future outlook for blockchain technology in the automotive industry?



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