PROVIDING INNOVATION IN AN INDUSTRY THAT IS MET WITH NEW DEMAND THAT CHALLENGES CURRENT SUPPLY CHAIN PROCESSES
The automobile is considered to be one of the greatest innovation to be introduced to the world. Since then, the automotive industry has always kept technology innovate in it’s core. However, the race to innovate is at such a fast pace that auto Original Equipment Manufactures (OEMs) are having a tough time keeping up. As the industry changes, blockchain will be the next force to help accelerate the industry forward. With such a complex ecosystem comprised of design, production, distribution, finance, and vehicle servicing; blockchain’s provides the values the ecosystem has been demanding. Such values include decentralization, secure communication through smart contracts, and transparency.
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Automotive Industry Blockchain Use Cases
As the number of self-driving cars and the devices within those vehicles communicating with each other, there is a need for these securely interact with the ecosystem. The data being transferred among these autonomous car needs to be shared and that’s where blockchain comes in. The ability for OEMs, parts distributors, dealers, service mechanics, insurance provides will benefit from a collaborative, immutable, and permissioned ledger. For example, Smart Contracts enable the driver to be made aware of potential repairs that need to be performed and at the same time negotiate pricing and appointments to service the car.
Fraudulent auto parts often find themselves in circulation within a supply chain and land in authorized service centers. While these parts look authentic, they often fail not too long after installation. The inefficiency of today’s technology makes the track and trace capabilities extremely tedious and time consuming. Smart Contracts can be programmed so that when the auto part is created it’s digitally stamped with a unique identifier. These unique identifiers are stored in a blockchain ledger which provides a level of immutability and fortifies the authenticity.
In the current state of the industry, a car manufacturer will most likely not receive instant payments for a shipment of vehicles. The amount of paper work involved will increase at every step of the supply chain. Likewise, automobile manufacturers may send POs and invoice internally as they may have many accounting offices across many geographical locations. Applications that run on blockchain networks enable greater transparency and accurate information between different parties. Moreover, since the different parties are sharing the same decentralized ledger, the time to complete end of month invoice reconciliation and payment settlement is reduced dramatically.
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Envision Blockchain Solutions builds applications for the Web3 space. Our mission is to reshape and align today's systems allowing organizations to recognize the new value in tomorrow's Industry Vertical Solutions. The management team has years of Fortune 500 experience and has built a team of subject matter experts in Web3 and Business Transformation Processes. We focus on guiding organizations through 3 major milestones on their Web3 journey: Use Case Analysis, Proof of Concept Development, and Scaled Deployments.
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