According to ResearchandMarkets, the global blockchain market in the automotive industry will total $428 million this year, and will increase to $5.6 billion by 2030.
The study notes that the average annual growth of the industry will be about 30%. Blockchain-based systems will store records of car sales, warranty claims, and insurance claims. The immutability of the records entered in the blockchain will allow buyers to be confident in the history of their cars, even if they buy them used.
Also, the use of blockchain will reduce the number of intermediaries between the factory and the buyer, and, accordingly, reduce the cost of the manufacturer. There are currently dozens of startups in the industry, including Xain and NXM Labs.
According to analysts, blockchain will have a significant impact on changing the automotive industry. Supply chains built using blockchain are proving to be effective compared to other methods.
At the same time, As researchandmarkets notes, the blockchain itself is not very useful, but the correct application of the technology can actually increase the efficiency of many processes. Especially if you combine blockchain with other areas of modern engineering, such as artificial intelligence and the Internet of things.
Previously, it was reported that Lamborghini uses the Salesforce blockchain to certify cars, and JPMorgan Bank uses the technology to track collateral cars.