Global execs see blockchain becoming disruptive force in auto sector

Nowadays most of the world automotive sector executive has believed that the latest blockchain technology will now be going to become a disruptive force in the industry within the few next three years, according to the report which has been revealed.

As of now, the industry is still in the early stages of keeping the latest technology, the study which has been revealed by the IBM Institute for the Business Value in integration with the Oxford Economics said the blockchain that has the potential to strengthen collaboration and trust among the consumers, businesses and even vehicles.

The blockchain is a distributed ledger technology which provides a more transparent and secure way to conduct business with lots of information to be held on a blockchain which exists as a shared database.

As many as 62 percents of the surveyed executives say that the Blockchain will be going to be a disruptive force in the industry of automotive just within the three years, according to the report.

“As blockchain networks begin to engage and integrate with other business networks, opportunities to provide new services and generate new revenue streams will emerge,” the study said.

By putting out all the challenges in the field of technology like the processing, storing, analyzing and sharing data, blockchain can shift the paradigm of the information from the error-prone to the much more value addition.

According to the report, it has also revealed that the blockchain would going to have a high impact on improving the points which is much more faced by the automotive industry.

“Fifty-five percent of OEMs and 47 percent of suppliers say implementing blockchain will improve imperfect information in their business networks,” it said.

“The global data clearly revealed finance, supply chain, and mobility services as top areas where blockchain could reduce frictions,” the report said.

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