TECH UPDATES
Blockchain in Automotive The integra on of technology of blockchain and automo ve industry is capable of providing solu ons to some of the most pressing automo ve issues. Blockchain is distributed ledger technology i.e. a shared database that exists on mul ple computers across a distributed network. It is a peer-to-peer structure, rather than a client-server arrangement and is composed of blocks, which are simply transac on records. The blocks contain contents and an iden fying header and each block is me-stamped. The each block is linked to the preceding and following blocks, forming a blockchain. It uses a distributed network of computers is to reach a consensus on whether or not a transac on is valid. Once added to the chain, blocks cannot be altered, to prevent unauthorized access to data public and private keys are used. Blockchain offers advantages like security, high execu on speed, transparency, cost reduc on etc. In automo ve industry, it can find applica on in vehicle safety and data security, supply chain transparency, manufacturing, automo ve financing, smart contracts, infotainment etc. Several companies are now working on blockchain to come up with be er products, for example, Porsche in collabora on with the Berlin-based startup XAIN is currently tes ng blockchain
applica ons directly in vehicles. This makes the Zuffenhausen-based company, the first automobile manufacturer to implement and successfully test blockchain in a car. XIAN uses the strengths of modern machine learning algorithms, par cularly reinforcement learning, to stabilize its own Ethereum-based lowenergy Blockchain. The company aims to use distributed machine learning to train self-driving cars on the basis of local data, such as weather condi ons. Toyota Research Ins tute (TRI) is also exploring blockchain and distributed ledger technology (BC/DL) for use in the development of a new mobility ecosystem that could accelerate development of autonomous driving technology. For this, TRI is collabora ng with the MIT Media Lab (MIT ML) and other industry partners to foster a digital environment where users – both businesses and consumers – may securely share driving and autonomous vehicle tes ng data, manage ride-share and car-share transac ons and store vehicle usage informa on that could be used in the se ng of insurance rates. Another company PARKGENE has developed a scalable blockchain-based pla orm that enables drivers to book parking directly from individual parking space owners at lower prices, with convenience. The company through its
Toyota Research Institute (TRI) is also exploring blockchain and distributed ledger technology (BC/DL) for use in the development of a new mobility ecosystem that could accelerate development of autonomous driving technology. decentralized technology aims to supply new parking spots in already crowded ci es, which now remain unu lized, by enabling not only peer-to-peer but also the seamless integra on of all exis ng parking technology. CarBlock, a new company has been launched that intends to use the decentralized blockchain ecosystem, specifically designed for future transporta on applica ons. The company aims to the major pain points in the current connected car and transporta on industry like data ownership, data collec on, data exchange, Applica on Infrastructure etc.
Photo Courtesy: Rachel McIntosh| Finance Magnates
PG.22 | Smart Automo ve | May - Jun 2018
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