The automotive industry is one largest industry globally and the competition is fierce. With automotive companies seeking to push the envelope to develop emerging tech, the next step for the automotive industry is blockchain technology. According to a study by IBM published at the end of 2018, 62% of automotive executives are convinced that blockchain will be a disruptive force in the auto industry by 2021. The same study also found that 54% of so-called Auto Pioneers plan to implement their first commercial blockchain network at scale within the next three years. Several major manufacturers have already begun efforts to develop and implement the technology.
On the 15th of October the Ford Motor Company announced that it is expanding its European plug-in hybrid electric vehicle pilot project to Cologne, Germany. The focus aims to analyze the real-world benefits of energy efficient vehicles for the environment for commercial cars. To ensure accuracy, efficiency and security, Ford will be utilizing blockchain technology to track the number of “green miles” driven by its energy-efficient vehicles. By recording all the data over blockchain, the company hopes to optimize the environmental benefits of its fleet.
Ford Europe director Mark Harvey said: “Ford is committed to delivering new, more environmentally sustainable vehicles that can help address the mobility challenges our cities face. The plug-in hybrid electric vehicle trials with our partners in the City of Cologne build upon our ongoing electrification program elsewhere in Europe and bring us all closer to meeting our combined urban air quality goals.”
Automaker giants BMW, General Motors, Renault, Honda and Ford announced earlier this month a partnership to test a blockchain based identification system. The vehicle identification system would let drivers automatically pay for parking fees or highway tolls without using cash or cards.
The system would assign digital ID’s to any car on the road, with these ID’s being used to also access information such as ownership and service history. The goal of the system is to allow for fees to be paid automatically by the owner without the need for specialized tags required in current electronic toll collection systems.
Used Car Pricing
Blockchain solutions company, PlatON, announced last week that they have developed a platform to store data and calculate the price of used business cars for the Beijing Mercedes-Benz Sales Service (BMBS). The BMBS looked to create a blockchain-based “Vehicle Residual Value Management Platform” in the Chinese capital to help improve the process of valuing used cars. The platform stores both static and dynamic data that is used to automatically calculate the residual value of all used vehicles on the platform.
PlatON CSO Ada Xiao commented “With over 6.5 million used cars in China traded in the first half of the year alone, we hope that our collaboration with BMBS will highlight the need for more sophisticated data collection systems to accurately monitor the value of the vehicles comprising China’s substantial used car market.”