Automotive Solutions

When it comes to the resale of a vehicle, the buyer can never be certain that the records of their desired car haven’t been falsified. However, by storing the complete history of a vehicle on a blockchain, this issue can be easily resolved. This gives the user a reliable way to verify the history of a particular vehicle, as well as share relevant information about a vehicle with third parties, for example, insurance companies.

One remarkable trait of blockchain in automotive, which stems from its distributed and decentralized nature, is that it’s particularly well-suited for supporting self-governing ecosystems of wide-ranging scope and scale. This makes it perfect for building new types of enterprise and consumer services.

For example, blockchain technology can enable a new type of ride-sharing services that run on a peer-to-peer network without the need for a central authority, for example Uber, to serve as an intermediary. With transactions between participants on the network governed by smart contracts, drivers will be paid when riders have been delivered to their destinations.

Going a step further, the technology can be utilized to manage car sharing among the members of an organization or a community. In the future, this could lead to shared-ownership schemes, where members of the community contribute to the lease of a shared fleet based on their daily/weekly/monthly usage of the vehicles.

Autonomous vehicles present another strong case for blockchain technology. Here, the technology can be utilized for building platforms that allow self-driving cars to communicate and share data with all vehicles in a fleet. The cars will be able to log information about their daily activities, such as daily usage, completed routes, technical failures and other problems. With blockchain, such platforms can be made to suit the needs of both commercial and private fleets.

In addition, with a little help from smart contracts and IoT, self-driving cars can become capable of recharging their batteries at designated stations during downtime.

The automotive industry has always been at the forefront of technical innovation, with automakers constantly looking for new ways to utilize cutting-edge technologies to their advantage. Having examined a number of potential use cases for the technology, it is clear that blockchain in automotive has the potential to bring significant benefits to the industry, by improving supply chain processes, introducing tamper-proof record keeping, streamlining production and supporting other innovative technologies and trends. Yet, its biggest contribution to the industry might actually come from its ability to inspire new types of services and business models. It’s a characteristic shared by all transformative technologies. The emergence and subsequent maturation of the Internet had a profound impact on the automotive industry and allowed for new types of services, such as ride-hailing apps like Uber and Lyft, to be developed. Blockchain technology could take the evolution of the automotive industry even further.

Whether you are looking to create the next big thing in automotive or seeking to improve efficiency across your organization, we at Leonine Investments & Asset Management are well equipped to assist you in achieving your vision. Our qualified consultants are prepared to advise you on how blockchain can be utilized to yield optimal results for your organisation. Our team of senior developers have vast experience in building blockchain solutions tailored to the specific needs of our clients.

So if you have a great idea for blockchain implementation, don’t hesitate to drop us a line at Info@LeonineHoldings.com. We can help you achieve it!