Blockchain technology is acting as a catalyst in Industry 4.0 disruption. Regardless of industries, companies find substantial potential in decentralized use cases to boost their operations. When it comes to top industries leveraging this technology, automotive tops the list.
Automotive is among the most intricate businesses that constantly raise the bar for innovations to streamline operations. To match over-growing customer demands and on-going market trends, there are several ways companies can use this technology.
Be it cost optimization, seamless team onboarding, real-time manufacturing tracking, and much more — this distributed ledger can handle all. On this note, check out how blockchain technology can benefit automotive manufacturing companies.
Real-time data management
Automakers need to deal with substantial data sets, and as the business grows, it becomes difficult to manage data efficiently. The centralized systems become slower at a particular point, directly affecting teams' performance and customer experience. Companies can opt for a cloud-based blockchain database for improved management to prevent the system from getting slower.
Be it managing customers' ownership data, storing real-time procurement inventories, or securing the entire partnership chain's data — blockchain frameworks can help. We at SevenBits analyze and prepare a comprehensive blueprint to migrate your older database to performance-driven blockchain databases. This advancement offers higher data availability along with an additional security layer on top of everything.
Supply Chain Optimization
The supply chain is an integral part of the automotive business, and to optimize the long-haul manual tasks, blockchain can do wonders. As the supply chain also grows along with business, blockchain technology can help in overall optimization.
With robust applications like smart contracts, companies can automate several manual and time-intensive tasks and save more resources. Be it managing storing customer data or validating ownership transfer documents, smart contracts streamline several operations. Our Blockchain Center of Excellence (CoE) team can help your manufacturing business by optimizing your supply chain effectively. Be it legacy system migration or integrating a blockchain application in the existing system, we have you covered.
Automotive manufacturing companies can cut operational costs by eliminating the need for third-party vendors and intermediaries. As blockchain is a peer-to-peer network, companies, and customers can directly perform transactions in a much faster and secure manner. On the contrary, automakers need to utilize multiple third-party tools to manage their operations which cost recurring charges.
SevenBits brings in a broad exposure of implementing crypto-based wallets into your existing payment systems to cut down operational costs. With the support of more than eight blockchain frameworks, our team is committed to offering the best payment systems.
Top-notch quality control
When automakers work in bigger distributed supply-chains, there is always a risk of getting counterfeit spare parts. It often becomes intricate to identify these parts as it requires additional resources and workforce. However, to solve this issue and make sure all parts are genuine, blockchain can play a significant role.
By leveraging smart contrast and real-time identification, it becomes easier for automakers to verify parts. Individuals can easily match the current hash id with the previous hash id to assure authenticity. This implementation will not only save time but also help in scaling the overall operations.
Get started with Seven Bits
Taking the lead in the automotive industry requires the right combination of modern technology and correct execution. SevenBits helps you in both aspects and assures faster business scalability with performance-driven results. With the support of more than eight public and private blockchain frameworks, we have got you covered.
Be its legacy system migration, integrating more advanced blockchain applications, or developing a custom crypto wallet, our team caters to all your requirements. Get in touch with us at email@example.com to know more about our blockchain development services.