Automobile manufacturers are continuously searching for new and improved technology to enhance the performance of their vehicles and the driving experience. The typical car is getting closer to being fully driverless, connected, and electric or hybrid. Blockchain technology is proving to be a workable answer for this, since there is a rising requirement for technology capable of processing the enormous amount of data generated with the highest level of security.
Automotive businesses are figuring out how to use blockchain’s distributed ledgers and smart contracts to enhance the efficiency, dependability, safety, and overall user experience of autonomous vehicles.
How might blockchain technology enhance self-driving cars?
The automotive sector needs the support of blockchain technology to advance. Blockchain security in the context of managing driver data, identity authorisation, electronic transactions, etc., sounds too good to be true. Peer-to-peer (P2P) payments for autonomous vehicles, vehicle sovereignty, networked mobility, and a wide range of other applications will all become possible thanks to the use of blockchain in the automotive industry.
Another significant area where blockchain technology can be useful is in the sharing and management of data. While autonomous cars produce a ton of data about traffic, vehicle usage, driving habits, and other topics, this data needs to be stored, shared, and examined without jeopardizing security. Data management is made faster and more safe by the distributed ledger and cryptography of the blockchain technology. Self-driving cars can evaluate and judge traffic in real-time, prevent accidents, find the best routes, and shorten travel times thanks to this effective data management using blockchain.
Connected mobility is yet another significant application of blockchain technology. Vehicles and other supporting infrastructure in the city and on the roads can communicate with one other quickly and effectively thanks to blockchain technology. In addition to enabling peer-to-peer transactions with a high level of security, it may build a trusted network. According to the Frost & Sullivan analysis, 10% to 15% of connected vehicle transactions will probably be made via blockchain by 2025. Blockchain can unite manufacturers under a single drive and test database that keeps data on simulations, tests, and flaws, enhancing the security of autonomous and networked automobiles.
Smart contracts, which use blockchain technology, can make several parts of driving easier, including paying for tolls, repairs, and insurance. Automated payments using smart contracts on a blockchain network enable security and transparency while reducing paperwork and saving time. Additionally, faster and more secure authentication of drivers and passengers using blockchain technology is possible.
Where are automakers on the blockchain for autonomous vehicles?
Automobile producers, retailers, and insurers can now employ the blockchain technology, which is used by many financial organizations. While many additional use cases, including linked mobility, smart manufacturing, and automated payments, are still in development, some of the major automotive corporations are going forward with the implementation of blockchain technologies. Some of the most well-known automakers in the world have already made investments in blockchain technology and are promoting its use. According to an IBM survey, more than 60% of auto manufacturers plan to invest in blockchain technology to create the cars of the future.
Several blockchain-based initiatives in the field of autonomous vehicles include:
In 2019, IBM submitted a patent application for a plan that will enable them to use blockchain technology to manage data and communications for self-driving automobiles. This patent outlines technology that will enable autonomous vehicles to anticipate the actions of other nearby vehicles.
Porsche and XAIN collaborated to develop a blockchain-based app that allows users to lock and unlock automobiles, offer temporary access, record traffic statistics, and receive instant notifications when a car is unlocked.
IOTA blockchain nerds and Jaguar have partnered to integrate smart wallet technology into their vehicles.
The American automotive behemoth GM filed a patent application in 2018 for a platform that uses blockchain technology to manage data from autonomous vehicles. According to the patent, this platform would make it possible for autonomous vehicles to distribute and communicate data to various city or roadside amenities.
Automobiles won’t simply be used for getting around anymore, and blockchain platforms will play a big part in the upcoming technological revolution. Even if integrating new technologies is never easy, it is obvious that blockchain will transform the mobility industry and bring to light previously unimaginable possibilities. Blockchain has the potential to transform the way data is handled in the cars of the future, whether it’s safeguarding financial information or increasing shared ownership security. Blockchain offers a clear and impenetrable method of exchanging data, which in the near future will be of the utmost importance to automakers, notwithstanding any potential doubts along the way.