The automotive business is about to get a completely new operational platform which will change the nature of this entire business vertical. Manufacturers of car, dealers, vendors, and consumers they all will get onboard via blockchain enabled platform doing business together. The technology which originated from cryptocurrency has moved on from there to all possible areas wherein its deployment is possible. World leading companies like IBM, Microsoft, Amazon and Dealer Market Exchange (DMX) have already made their way to explore the potential of this ledger form.
In the recent update, Dealer Market Exchange (DMX) has announced the launch of VINblock, a blockchain solution which is applicable to all the levels of the automotive industry. This is the very first blockchain based solutions ready to be integrated into this industry. VINblock is dedicated to monitoring the lifetime activity of any vehicle by using its Vehicle Identification Number (VIN) which is unique for each vehicle. This app is likely to create an entirely new ecosystem with will include all the participating users.
CEO and Co-Founder of DMX, Jason Bennick stated that VINblock is a shared ledger which runs on Hyperledger Fabric blockchain technology that facilitates crucial value addition for the establishment of connected mobility between dealers, consumers and OEMs. He further added that the new generation automotive business is looking towards faster, efficient and low-cost solutions in a secure environment. DMX’s VINblock is offering noteworthy advantages when it comes to expectation, safety, origin, cost and integration methods as mentioned by Business Wire.
Blockchain Technology Restructure Automotive Business
According to CBT News, blockchain technology has several benefits in automotive business such as creating versatile payment options, reducing warrant cost, tracking vehicle parts and optimizing insurance claim management. Blockchain technology is likely to become inevitable its deployment at such massive scale. Perhaps, in the next few years, all the industries will be using this future technology in their respective required areas.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]