World News: 15:05 GMT Monday 27th May 2019. [Research and Markets via Globe Newswire via SPi World News]
Dublin, May 27, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering.
The blockchain technology has been making progress in the automotive sector with significant impact expected over the coming years. There is a wider scope for cryptocurrencies to replace conventional methods of payments in the ride-hailing market. Virtual currency can also help startups and established businesses to raise capital. Blockchain technology can provide an easy way of making payments for charging/fuelling cars, using in-vehicle infotainment services, making toll payments etc. Making transactions through blockchain is just one aspect where the technology is paving its way, with further potential for the technology to be adopted for other applications in the industry.Besides transactions, the blockchain technology can keep a transparent and secure record from designing to selling a car. A vehicle can also grant temporary access to registered users where log data about the vehicles usage can be registered through blockchain without tempering. Moreover, the technology can also be highly beneficial for the used cars market by providing a complete history of vehicles.There are also developments of blockchain technology for various other applications. For instance, WISeCoin, ZF, Volkswagen started initiatives for using blockchain for transactions and award based systems where tokens can be exchanged. On the other hand, CarVertical is using the technology for keeping a record of car history, while Volkswagen is also using the technology for tamper-proof odometer. The author understands that the blockchain technology is in its nascent stage with the passage of time there will be more opportunities to adopt the technology and gain benefits.
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Related Topics: Automotive, Bitcoin
Globe Newswire: 15:05 GMT Monday 27th May 2019
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