The [FURL=https://www.industryarc.com/Report/18525/block-chain-in-automotive-market-research-analysis-report.html?utm_source=BriefingWire&utm_medium=PressRelease&utm_campaign=PaidPressRelease]global Blockchain in Automotive Market[/FURL] is estimated to surpass $840 million mark by 2026 growing at an estimated CAGR of more than 27.59% during the forecast period 2021 to 2026. Blockchain in Automotive Market is expected to grow at an exponential rate, providing exciting solutions for the connected car industry. The market will be driven by the growing demand for data management as the number of connected cars increase. The blockchain, a technology used in many financial organizations, e-commerce and industrial firms, is ready to be explored by car manufacturers, resellers, and insurers. However, few companies have proclaimed their readiness to research and implement its abilities in their business. In the long-term viewpoint, distributed ledgers has the ability to allow automotive corporations to reduce their outlays on file workflows, reduce fraud, ensure security for their digital ecosystem and boost their production. Owing to the use of blockchain in the automotive industry, it will be easier for corresponding companies to be compliant with regulatory requirements. With blockchain, the automotive sector can become more efficient and trustworthy. The technology is highly promising to bring continuous changes on an existing strategy through acquisition, or have a build, buy, and partner itinerary to continue growing.Key Takeaways
Automotive OEMs mainly employ blockchain technology in financial applications. However, this is expected to extend to serviceable areas such as smart manufacturing and connected cars in the near future.
People are concerned about service centres and garages fitting counterfeit spare parts into their vehicle. A Blockchain-based system will help the service centre, or the car manufacturer and the customer to trace the provenance of spare parts in every step of the supply chain, thus reducing the damage to brand reputation.
The blockchain platform is designed for this Machine-to-machine (M2M) economy. A Blockchain Mobility platform helps to become responsible towards maintaining new electric car products and services. This helps to build a healthy ecosystem culture to shift away from gas burning vehicles
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Blockchain in Automotive Market Drivers
Shift to EVs driven by Blockchain
Organizations set up to drive adoption of BLockchain
In the US, there are many automotive companies that are adopting blockchain technology, followed by Germany and other countries.
Blockchain in Automotive Market top 10 companies are IBM, Accenture, Microsoft, Carvertical, Helbiz, Tech Mahindra, HCL Technologies, Xain, NXM Labs, Carblock, Cube, Context Labs, Shiftmobility, Bigchaindb, Dashride, Consensys, Foam, RSK Labs, and GEM
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