Blockchain automotive spare parts
Hyundai Motors has become the latest carmaker to explore the use of blockchain as a way to verify the authenticity of its spare parts and tackle counterfeiting. Blockchain technology is being applied as a pilot for product authentication as part of the management system, according to Hyundai. Blockchain is expected to be used in areas such as vehicle maintenance and insurance that require transparency of after sales parts information. When a vehicle is at a repair shop, simply by scanning the vehicle number, the necessary parts can be found or the maintenance details can be transmitted to the customer.
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- Hyundai will use blockchain to secure parts supply chain
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- Impact of Blockchain on the Global Automotive Aftermarket, Forecast to 2025
- Automotive
- Hyundai uses blockchain to verify authentic car parts
- Global Automotive Blockchain Market Projected to Reach USD 2,000 Million by 2026
- 5 Use Case of Blockchain in Supply Chain Industry
- Blockchain’s profound impact on the automotive industry
- Blockchain technology: Quicker off the blocks
- Putting Blockchain in the Driver’s Seat
Hyundai will use blockchain to secure parts supply chain
The automotive industry has always been one of the early adopters of advanced technologies, which certainly has paved way for innovation. Since, automotive companies have to constantly deal with evolving customer requirement while keeping a track of changing market demands to remain competitive, they would require having in place a robust mechanism that can address some of the major challenges facing the automotive industry including payments, data privacy, claim processing and supply chain visibility.
Blockchain — A shared ledger technology offers the right technology infrastructure required to address the pain points of the automotive industry while ensure greater efficiency through process automation.
While this is a proactive step towards road safety, the entire process is extremely cumbersome, costly and time-consuming as manufacturers fail to make unique identification of each and every part. With a Blockchain based system in place, manufacturers will be able to easily identify every part, which in turn will remove inconvenience for customers while save time and provide higher cost savings to manufacturers.
Counterfeiting: One of the major issues that plagues the automotive industry is the intentional substitution of original spare parts of vehicles with counterfeit parts by garage and service center owners. This affects the brand reputation of the manufacturer as most of the times these counterfeit parts underperform or at times malfunction. A Blockchain based track and trace system can be leveraged to track the provenance of these spare parts right from their point of their origin till the end users by validating each and every step in the supply chain.
This helps in quick identification of counterfeit parts. Processing of Claims: Processing of insurance claims in the automotive industry is an extremely slow, difficult and cumbersome process, which largely impacts all the parties policy holders, insurers etc. By issuing insurance policies and claims on Blockchain, an immutable audit trail is established, which can later be used for streamlining and automating the processes.
The smart contract functionality of Blockchain with pre-defined terms and conditions would trigger the contracts resulting in easy and quick processing of claims. Quicker Transactions: The process of making payments to the manufacturer is extremely time-consuming in the automotive sector.
The delay in payment is caused as a result of inefficient payment process that involves multiple parties. With a Blockchain based system in place, automatic and secure digital payments can be enabled. In fact, Blockchain enables increased sharing of authenticated information amongst the participants, quicker processing of documents while reducing the settlement time before payments are received by the manufacturer.
As leading players in the Blockchain arena, Sofocle offers robust Blockchain powered solution sofoChain that can mitigate the pain points of automotive industry while improve visibility across the supply chain.
Using the smart contract functionality, sofoChain automates and streamlines the processes while create an ecosystem where all the involved parties can easily interact with each other that too without any restriction. When it comes to financing, we all have our scepticisms. Understanding the core concept of finance — and then the whole chains of links that follow — can be a bit overwhelming for an average Joe.
The Blockchain is undoubtedly a brilliant invention — conceptualized first in by a person or a group of people known as Satoshi Nakamoto. Nakamoto mined the first Bitcoin block in and with that, the cryptocurrency era was born. Since then, Blockchain has evolved better and today more and….
A smart contract is a piece of self-executing code that not only defines the rules and penalties of an agreement like a traditional agreement, but also enforces those obligations automatically.
Smart contracts can be used across a broad spectrum of utilities including financial services, healthcare, insurance premiums, legal processes, crowdfunding…. A brief look at Supply Chain Financing. Understanding the core concept of finance… Read More. Types of Blockchain. The Blockchain is undoubtedly a brilliant invention — conceptualized first in by a person or… Read More.
A smart contract is a piece of self-executing code that not only defines the rules and… Read More. If you want to subscribe to our newsletter, please submit the form below. This website uses Cookies to ensure the best experience for you. Skip to content Home » Industries » Automotive. Automotive Industry The automotive industry has always been one of the early adopters of advanced technologies, which certainly has paved way for innovation.
How Can Blockchain Help? Why Sofocle? May 9, Types of Blockchain The Blockchain is undoubtedly a brilliant invention — conceptualized first in by a person or a group of people known as Satoshi Nakamoto. Since then, Blockchain has evolved better and today more and… Read More. May 9, Top 3 Blockchain Smart Contract Development Platforms A smart contract is a piece of self-executing code that not only defines the rules and penalties of an agreement like a traditional agreement, but also enforces those obligations automatically.
Smart contracts can be used across a broad spectrum of utilities including financial services, healthcare, insurance premiums, legal processes, crowdfunding… Read More. Blog Posts. May 17, A brief look at Supply Chain Financing When it comes to financing, we all have our scepticisms. Understanding the core concept of finance… Read More Blockchain in Finance. May 9, Types of Blockchain The Blockchain is undoubtedly a brilliant invention — conceptualized first in by a person or… Read More Blockchain Technology.
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Skip to Main Content. A not-for-profit organization, IEEE is the world's largest technical professional organization dedicated to advancing technology for the benefit of humanity. Use of this web site signifies your agreement to the terms and conditions. Blockchain Technology for Vehicle Maintenance Registration Abstract: Vehicle maintenance is done regularly by vehicle owners to maintain the best performance to avoid harmful effects, such as accidents. However, according to the news, counterfeit spare parts can easily found in vehicle maintenance workshops. Therefore, this study tries to use blockchain technology to record the vehicles for sparepart maintenance. Several previous studies have mentioned the benefits of blockchain technology that can carry out tracking and tracing in the automotive industry, but no discussion on the laboratory-based experiments to see how the implementation of blockchain technology for vehicle identification registration which in the future can be used for tracking components in vehicles.
Impact of Blockchain on the Global Automotive Aftermarket, Forecast to 2025
Maria Lopez. Many businesses, such as the automobile sector, are seeing the benefits of blockchain technology in terms of supply and management. The end-user benefits from blockchain technology since it is decentralised, immutable, and transparent, allowing them to monitor the vehicle's whole history. Additionally, buyers can contact service providers directly through blockchain expert. The automobile sector is always changing. Vehicles that are hybrid, electric, or driverless are becoming increasingly common, needing increased data sharing. As a result of their certification in blockchain technology, experts are providing better solutions and ideas to boost the sector's efficiency. In this post, we'll look at how blockchain works and how it affects the automotive sector. The storage devices in a blockchain are not connected to a single CPU because it is a distributed database. Blocks, which are a growing collection of data with a timestamp on each one, make up the blockchain.
Automotive
The automotive industry is evolving with time and undergoing a paradigm shift. With fossilized fuels at a premium, companies are innovating and exploring other forms of fuels from basic electricity to advanced batteries. In the midst of all this flux, the fundamental challenges faced by the Auto industry remain the same, and they need to be handled appropriately to ensure the auto industry evolves into a stronger and powerful entity. These fundamental challenges among others include managing data, customer experiences, and technological innovations.
Hyundai uses blockchain to verify authentic car parts
Like so many exciting new technologies, Blockchain is being heavily promoted in many areas of business but there are some fairly major gaps in the understanding of this new business tool. The explanation above only touches on the mechanics and power of Blockchain and what it might mean for the automotive supply chain. Our supply chain is often derided by critics as lagging behind in IT intelligence; Blockchain offers a tremendous opportunity to revolutionise the existing digital infrastructure. With the looming onset of Brexit, there has never been a more opportune time to implement a system of transactional and organisational protocols that do not require manual intervention, are blind to geographical borders, and can streamline the passage of any type of freight or service by harnessing IT power to track, organise and deliver information and thus goods and services without having reference points that are fixed by place, time or organisational identity. The blockchain is certainly a novel and ingenious invention.
Global Automotive Blockchain Market Projected to Reach USD 2,000 Million by 2026
The increasing use of blockchain technology will go hand-in-hand with growing advances in the automotive industry, especially through digitization and automation. Key trends such as parts authentication, asset tracking, modern logistics systems, and proliferation of financial technology fintech influencing the automotive industry are expected to drive the adoption of blockchain technology in the aftermarket industry. Some of the key advantages of using blockchain in the aftermarket are added transparency on ownership, price, and smart contracts. It is expected to accelerate payments through eWallets, enhance security through transparent blocks, and eliminate fraud along with eliminating middlemen, reducing paperwork, and streamlining the supply chain. It is, however, largely dependent on the level of automation and proliferation of technology in the industry mandating support for these advances.
5 Use Case of Blockchain in Supply Chain Industry
While the financial sector has been using the blockchain for a couple of years, automotive businesses are only discovering new advantages of this technology. The auto industry is entering a new age of digitization that will significantly change everything we are used to with blockchain technology revolutionizing the automotive industry. A standard cruise control function has been evolving and turned into self-driving cars, which are not much of a surprise to anyone, anymore. The next big thing about vehicles will be that they will be able to communicate with each other and transmit important data about road conditions and maneuvers that they are going to make.
Blockchain’s profound impact on the automotive industry
The platform will be used for distributing after sales AS parts for models of Hyundai and Kia cars. As many as , people will access the system across the supply chain, including 16, dealers in more than countries. The IT system supports three million different parts for car models. Blockchain is being piloted to verify that a part is original. The auto company raised concerns that illegal counterfeit parts are used in some countries, which could result in safety issues. Hence a car owner can scan the QR code on the packaging to verify the part is authentic.
Blockchain technology: Quicker off the blocks
Tracing Counterfeits with Automotive Blockchain. Evidently, counterfeits and their influence on the grey markets plague the global automotive industry. The authenticity of spare parts is critical for vehicular and customer safety — fake parts, such as counterfeit wheels, can put lives at risk. It could further lead to a loss of brand image and major product recalls, setting back automobile manufacturers financially. An effort to distinguish fraudulent counterparts should ideally involve the entire supply chain of automobile parts.
Putting Blockchain in the Driver’s Seat
The Infosys Automotive practice capitalizes on digital technology to transform aftermarket sales and service. We integrate manufacturing, supply chain and logistics operations to provide on-demand aftermarket service. Real-time collaboration between plant personnel, suppliers, dealers, and field technicians improves planning and retail distribution of automotive products.
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