5 ways automakers can benefit from a blockchain-based system
Source: Soul Communications for CarSwitch , Author: Posted by BI-ME staff
Posted: Fri June 1, 2018 3:51 pm

UAE. In this era of emerging technologies, blockchain seems like a major breakthrough. Implementation of blockchain in the automotive industry can lead to enhanced customer satisfaction for those buying a car in Dubai and can lead to higher profits for the automakers.

The experts at CarSwitch.com have compiled a list of a few ways automakers can leverage blockchain to enhance the auto space:

1. Unlocking your car
Blockchain can help used car drivers unlock their cars in a more efficient way as there is no third party involved. Porsche was able to accomplish this by giving drivers access to an app which directly communicated with the test vehicle ‘Porsche Panamera’ and was able to unlock the car in 1.6 seconds which is a far better response time than before. The owner can also allow short-term access to others. The best part in using Blockchain means the information is not stored in a central place that could be hacked or corrupted, instead it is decentralized across millions of computers. This accomplishment of Porsche will surely want you to check used Porsche for sale in UAE.

2. Car related transactions
Those buying a car can pay for the car using the blockchain through smart contracts which is doing transaction through bitcoins. This makes the process much easier as you can process payments without having to go an extra mile. It can also help the electric car owners by paying for electric charging stations through the smart contracts. Other than that, it can also make payments for insurance, parking costs and other car related costs.

3. Expedite autonomous vehicle technology
Blockchain can help fast track the use of autonomous vehicles and make them more viable. Through this system, trips of autonomous cars can be tracked by recording data which can include everything from the traffic layout to the weather conditions.

4. Supply chain tracking and verification
The use of blockchain technology will enable automakers to track the automotive tracks by their unique IDs created by the blockchain. To increase the level of safety, crypto-enabled tags can be embedded in the parts. It can also be a beneficial for using the supply chain tracking tool to check where the materials are being sourced from in order to ensure ethical procurement.

5. Enforce eco-friendly driving
The parent company of Mercedes-Benz, Daimler AG has taken a more environmental friendly approach. They plan to give a group of test drivers mobiCOINS when they operate their used car in an environment friendly way, making them eligible for prizes which can lead to positive enforcement of eco-friendly driving. This will be done by a special app which will be sharing driver data to determine the mobiCOINS earned. This means you should check out the eco-friendly car showroom in the UAE before this is executed. Other companies could also use this technique by their own cryptocurrency based systems.

This definitely sounds fascinating and can be a favorable advancement for buyers and car makers. Though, it may take a little time to be implemented. Till then unfortunately, you need to make money transactions to buy used cars Dubai or you can visit CarSwitch.com for a hassle-free buying experience.

Photo Captions:
1. (above)  CarSwitch blockchain (Image: CarSwitch)
2. (inset)    For illustration purpose only (File photo)



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