With growing digital transformation trends, blockchain technology applications are also surging rapidly. Among multiple industries, the automotive domain is the biggest beneficiary of modern performance-driven implementations.
The automotive industry is substantial, and all businesses associated with this ecosystem need robust advancements to streamline their operations. After COVID-19, where all are working within constraints, it has become inevitable for companies to adopt automation.
As every automotive business falls into some supply chain, the company owners need a better management solution to run the business smoothly. On this note, we will have a look at Seven Bits' blockchain applications that can benefit the automotive supply chain. Regardless of company and supply chain size, these blockchain applications will help in higher revenue generation.
Fixing Component Counterfeiting
The issue of counterfeit spare parts is critical in this industry, and manual inspection often fails to gauge the supplied consignment. As the supply chain is complex and largely knitted across nations, finding the root cause manually is near to impossible. However, with SevenBits' blockchain implementation, this can be streamlined.
Implementing smart contracts with each procurement process will make it easier for business owners to track the chain across all the touchpoints. As no unauthorized party can modify or create a copy of the smart contract, the process becomes transparent. Even after this, a retailer gets falsified parts; it's easier to track the source. Our team is highly proficient in developing bespoke smart contracts to automate various verification and validation work.
Automated Inventory Management Solution
Inventory management is a complex component of the supply chain in itself as it demands severe documentation and real-time updates. SevenBits can help in migrating the legacy inventory management system into a blockchain-based system. With this advancement, business owners have better control over inventory management with a reduced workload.
With this blockchain-based inventory management, the administration is easier to streamline and operate with a minimum workforce. Amid safety concerns, businesses are already working in limitations; this decentralized adaptation will boost performance.
Secure Payment System Integration
As the business and supply chain grows, the payment system gets complex and more intricate to manage. As most business is based on circulating credits, it becomes important to have higher transparency.
With SevenBits DeFi payment solutions and NFT-based document verification advancements, the payment ecosystem becomes streamlined to manage. Our Blockchain Center of Excellence (CoE) team analyzes your business and eliminates all third-party payment dependencies. As blockchain is a peer-to-peer network, it waives off the need to use third-party management platforms. Respective parties can easily perform transactions in a faster, secure, and transparent manner.
We can also develop bespoke crypto wallets for companies to make their payment processing faster and more reliable. With this implementation, business owners can save a large amount of money in the long run.
Blockchain for Customer Experience
Supply chains have to be efficient to improve the overall customer experience. Be it robust backend management or seamless front-end experience; blockchain can help you improve the customer retention rate.
With a blockchain-based system, customers can speedily get their products as compared to traditional systems. As there is no middle service involved in order processing, tracking, or delivering, the complete ecosystem is fast and secure.
Get started with Seven Bits
SevenBits is a leading and innovative blockchain development company that offers a complete range of automotive solutions. Our team leverages multiple public and private latest blockchain technologies to deliver you the best services. In 2021 and beyond, blockchain will play a more significant role in the automotive industry, and it is the right time to get started. Get in touch with us at email@example.com to know about our blockchain applications.