Technology around us evolves every passing minute, and brings ease and comfort in our lives, like never before. In this run, technologies are also exploring different genres apart from their dedicated spaces, and this is where Blockchain technology is also making a difference. Blockchain technology, which has made a stir in the market due to its cryptocurrency and transparency in the data sharing, is moving its head towards the automotive industry.
Yes, you heard me right and strong.
Now, Blockchain technology is changing the car retailing sector enabling different strategies.
Curious to know more???
How about scrolling this post further and finding out the answer yourself…?
Secure payment system
For a car driver, there are multiple bills and charges need to be paid, whether it is at the gas station or at the electricity blocks to charge the electric cars. These bills payment is nothing less than a hurdle, especially when you are driving. However, this issue is resolved with Blockchain technology. This enables the users to use blockchain technology to pay for their bills on the move. It makes it possible for the drivers when they charge their vehicle, a smart contract on the blockchain deducts the appropriate amount of money from their account and sends it to the charging station. This also can be used for the monthly parking cost or any other maintenance services that are associated with the vehicle.
Makes it easy to audit the used car details
The used-cars can be a smart buy, only if they really justify their environment and the cost they are being sold on. When you decide to buy a used car then you generally rely on the technician’s word or the other details the car has got to offer, but to get the real information, you need to wait until you start using the car and face brunt. Here blockchain technology comes forward and brings a new wave of digital retailing. This has a sole focus to provide incredible customer experience during the used-car purchasing process.
With the blockchain technology, you can get a clean-chit on the fact-checking aspects, wherein you can check the accuracy of the car’s history of ownership to any costly third-party audit reports. It provides you with highly accurate vehicle-related data, so you can get a clear understanding of the maintenance, and any other information. In other words, you get a complete audit track of all the transactions, consisting of mileage, ownership, the vehicle’s history, any accident, and much more beyond this.
Supply Chain Management
The car retailing sector looks forward to immense transparency in every possible step. Here, the blockchain technology enables the distributed ledgers to help in tracking the steps involved in the manufacturing, shipping, and suppliers. This helps the users to get a closer look at the different parts of the car, and even track any duplicate or irrelevant part to be inserted in the vehicle.
Monitors data
Data is the key to success for any business and car retailing is no exception to it. With the help of Blockchain technology, automotive manufacturers and suppliers can manage the mass data in one place. Whether it is the bill, new part information, inventory management, and every other information that sums up into data can be tracked and managed with blockchain technology. Also, with smart contracts, manufacturers can easily release the purchase orders to provide a hassle-free production.
Conclusion
Last but not the least, blockchain has got to offer a LOT, to serve the needs of the automotive industry. The above-mentioned points are just a quick rundown of multiple benefits to be gained from it. And with time and constant evolution, there will be greater benefits to be derived further.
Keep watching this space for more tech-excitement to roll-into your smartphone screen.