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It is no secret that we are witnessing an eMobility era. With the gusting development in software-driven mobility and the rising fame of Blockchain, the world is quickly adapting to this ‘future mobility’.
The possibility of integrating Blockchain-related services for eMobility has caught the attention of many industry giants. The link between Blockchain and eMobility, and its role in advancing the automotive industry is quite intriguing.
It is no surprise that the Automotive Blockchain Market is projected to reach USD 5.29 billion by 2030!
What is Blockchain?
In simple terms, Blockchain is a database and computation network, which can be shared through public and private networks. It provides transparent and secure data control by utilizing cryptographic signatures via a consensus mechanism.
For its functioning in the eMobility sector, Blockchain requires an interactive script known as smart contracts. These are simply programmable contracts that help in responding to inputs and triggers at any point in time.
Blockchain, the Future of eMobility
Blockchain-based services have various advantages in the electric vehicle sector such as recording product history and traceability. It helps in providing accurate and transparent information regarding the repair, maintenance, sale, and services of these eVehicles.
Equipped with a track and trace function, Blockchain helps to keep a tab on the materials used during the eVehicle production process. It is definitely a problem solver that offers enhanced accountability in the entire production and supply chain cycle in an affordable manner. Automakers can utilize this Blockchain technology for developing sustainable strategies and reducing their environmental footprint.
With the increasing adoption of eVehicles, there is an obvious demand for charging stations. Blockchain, in a Vehicle to Grid technology (V2G), can function as a virtual powerhouse for the eVehicle. In addition, Blockchain can be operating all the transactions processed during the charging of eVehicles. It can smoothly process all financial transactions and eliminate the need for auditing altogether!
The unique combination of Blockchain architecture and smart charging eVehicles truly brings out a plethora of investment opportunities for the automotive industry.
With the help of the financing sector and smart contracts, Blockchain offers value to the transportation space as well. For instance, apps based on Blockchain are being developed for ride sharing, car rental systems, and also for peer-to-peer solutions. These solutions have a huge potential to boost the sharing economy globally and prove helpful for fractional use of cars, houses, and other resources.
Though there is time till we completely explore and experiment with Blockchain-based services, there is potential for abundant innovation. Given the growth of digitization and the internet of things (IoT), we can broaden the horizons of Blockchain globally.
For automotive industry players with progression in mind, Blockchain-based services can definitely unlock various new possibilities in the eMobility sector!