Automotive Blockchain Market Dynamics
Trends, Segmentation, Key Players And
Blockchain technology refers to a decentralized database that stores data in blocks that are
chained together. The newly generated data is stored in a fresh block. After a block is filled
with data, it is linked to the previous block, thereby enabling the storage of data in a
chronological order. Since decentralized blockchains are immutable, data entered in blocks
are reversible and cannot be accessed through unfair means, as it is extremely difficult to go
back and alter the contents unless a consensus is attained among the majority.
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Owing to the high security offered by the blockchain technology, it is being increasingly
adopted by the automobile industry, as huge volumes of data are produced in this sector.
Moreover, the real-time monitoring, scalability of information, and auditability offered by this
technology will also strengthen the automotive blockchain market in the coming years. In
recent years, the blockchain technology has become an integral part of the information
technology (IT) domain of the automobile sector. This technology is being used in mobility
solutions, internet of things (IoT), connected cars, retailing and leasing, supply chain logistics,
and autonomous driving applications.
At present, companies operating in the automotive blockchain market, such as Microsoft
Corporation, BigchainDB GmbH, Productive Edge LLC, XAIN AG, IBM Corporation,
ShiftMobility Inc., Oaken Innovations, Ripple Labs Inc., Tech Mahindra Ltd., Mesosphere
Inc., Project Provenance Ltd., Factom Inc., Helbiz Mobility System PTE Ltd., Ethereum,
Context Labs BV, carVertical, ConsenSys, and Accenture PLC, are offering advanced
solutions to automakers to meet the rising customer demand. Moreover, the evolving
operating models in various autom