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Blockchain Transforming the Automotive Sector
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The rising demand for faster and more secure transactions along with full transparency has made Blockchain one of the fastest growing technology markets in the world. Banks and technology providers are investing heavily in R&D activity related to verifying and recording finance transactions. Also, major US technology companies such as IBM, Microsoft, and startup innovators are developing Blockchain-based services and applications, thereby driving the global Blockchain market.Blockchain technology is positioned to meet the increasingly complex demands of the digital-first future through smart contract capabilities, middlemen elimination and provenance and consensus on all transactions. Blockchain greatly reduces transaction costs by eliminating middlemen along the supply chain. This is a key factor that will drive the adoption of this technology across all industries. Blockchain is capable of resolving issues prevalent across industry sectors by introducing Blockchain-based micro payments and contract pricing models, thereby eliminating the transaction cost.In brief, this research service covers the following points:Blockchain– An overviewDrivers and challenges for Blockchain adoptionBlockchain-based automotive applicationsUse cases in the Auto SectorPatent and Implementation Scenarios
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