Blockchain in AutomoƟ ve

Blockchain in Automotive

The integraƟ on of technology of blockchain and automoƟ ve industry is capable of providing soluƟ ons to some of the most pressing automoƟ ve issues. Blockchain is distributed ledger technology i.e. a shared database that exists on mulƟ 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 transacƟ on records. The blocks contain contents and an idenƟ fying header and each block is Ɵ 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 transacƟ 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 off ers advantages like security, high execuƟ on speed, transparency, cost reducƟ on etc. In automoƟ ve industry, it can fi nd applicaƟ on in vehicle safety and data security, supply chain transparency, manufacturing, automoƟ ve fi nancing, smart contracts, infotainment etc.

Several companies are now working on blockchain to come up with beƩ er products, for example, Porsche in collaboraƟ on with the Berlin-based startup XAIN is currently tesƟ ng blockchain applicaƟ ons directly in vehicles. This makes the Zuff enhausen-based company, the fi rst automobile manufacturer to implement and successfully test blockchain in a car. XIAN uses the strengths of modern machine learning algorithms, parƟ 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 condiƟ ons. Toyota Research InsƟ 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 collaboraƟ 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 tesƟ ng data, manage ride-share and car-share transacƟ ons and store vehicle usage informaƟ on that could be used in the seƫ ng of insurance rates.

Another company PARKGENE has developed a scalable blockchain-based plaƞ 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 ciƟ es, which now remain unuƟ lized, by enabling not only peer-to-peer but also the seamless integraƟ on of all exisƟ ng parking technology.

CarBlock, a new company has been launched that intends to use the decentralized blockchain ecosystem, specifi cally designed for future transportaƟ on applicaƟ ons. The company aims to the major pain points in the current connected car and transportaƟ on industry like data ownership, data collecƟ on, data exchange, ApplicaƟ on Infrastructure etc.