Automotive: Revolutionizing Automotive Industry: Blockchain Innovations

Blockchain is playing a tremendous role in the digitization of industries, and automotive is among one of them. The automotive domain is highly demanding, and for constant growth, companies need robust technological support. As compared to any other industry, automotive is substantially broader and covers several sub-domains. 

Be it original equipment manufacturers (OEMs), procurement department, vehicle insurance, all these sub-work domains form a single automotive industry. To ensure a higher work pace and productive growth trajectory, companies need to transform their core to lead the market. 

After the COVID-19 impact, the entire working ecosystem has changed, affecting the customers' behavior & requirements. To operate both the business' backend and the customers' forefront, company owners need technologies like blockchain. 

This decentralized technology can fuel a company's digitization and allow the group partners to manage multiple automation things. On this note, check out how blockchain implementations are impacting the core of this industry and offering more productive solutions.


Error-mitigated supply-chain

Managing the supply chain in this industry is tied-up with various real-time challenges and addressing all challenges on the go is impossible with the traditional approach. On the other hand, with blockchain's integration with the existing supply chain, the majority of challenges are easier to automate. Be it managing & verifying inventories or tracking real-time procurement progress, blockchain makes it hassle-free. 

Regardless of how distributed and intricate the supply chain is, we at SevenBits migrate the entire architecture on blockchain-based platforms to boost overall efficiency. Our blockchain experts analyze and draft a bespoke automation solution to reduce the manual interventions. 


Rapid Manufacturing

Manufacturing is a vital core of this industry, and with blockchain advancements, management becomes more accessible and straightforward. Be it taking real-time updates from ground staff or helping engineers streamlining a complex dataset; blockchain has got you covered. This distributed-ledger technology lets automakers pace up the manufacturing process by simplifying the manual verification work. 

Blockchain can prevent several counterfeit, and redundancy issues involve in the entire production process. It often happens that the same batch gets produced multiple times due to slight human error. This small mistake can cause heavy monetary loss, and this decentralized technology can prevent such activities from happening. 


Accurate insurance verification

With robust smart contracts, car insurance, and ownership transfer, workload is easier to streamline. There are high chances of human errors, intentional data alteration, or loss of database in conventional manual processes. The recovery of information becomes almost impossible if the database is centralized or running on older technologies. 

On the other hand, with smart contracts and decentralized databases, all these data complexities are easier to eliminate without actively managing them. Our Blockchain Center of Excellence (CoE) team can integrate bespoke smart contracts and migrate the legacy systems into modern distributed databases. 


Seamless ownership transfers

Blockchain is a peer-to-peer network, and there is no need to involve third parties in performing any transaction. Be it financial transactions or executing ownership transfer, the entire process becomes seamless and very secure with this modern technology. 

By adopting blockchain implementations into vehicle ownership transfer, companies can save substantial money in the long run. It will happen by eliminating multiple third-party transaction companies and dealers. Companies can leverage smart contracts to verify the documentation and use digital wallets to perform end-to-end transactions. The most significant advantage here is that global level transactions become more affordable than traditional methods. 


Why Seven Bits for blockchain automotive services

Our team at SevenBits brings in broad expertise in blockchain implementation and development. With the support of more than eight public and private blockchain technologies, we have got you covered. Be it blockchain-powered webshop development or migrating legacy systems, our team offers you the best solutions. Our dedicated Blockchain Center of Excellence (CoE) team closely works with the latest blockchain market trends to ensure cutting-edge implementations. 

In 2021 and beyond, it has become pivotal for businesses to adopt these modern technology trends to make their growth consistent. Regardless of company size, blockchain can transform the entire working ecosystem and bring more productivity in a cost-effective manner. Want to know more about SevenBits' automotive blockchain services? Get in touch with us at sales@sevenbits.in to explore futuristic opportunities. Our blockchain experts would be much happier to help you with robust automotive services.

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