The automotive industry is composed of a complex web of operations that encompasses multiple parties ranging from components suppliers, manufacturers, safety regulators. At the core of this industry lies a network of transactions and an extensive set of documentation that supports the vehicle manufacturing process. Because the industry involves a myriad of external actors and third party regulators, the challenges revolve around the ever-expanding amount of data that industry players need to manage as well as supply chain challenges posed by defective or counterfeit parts. Through IBM blockchain the automotive enterprise sector can boost trust and transparency by securing trade secrets, guaranteeing ownership and traceability of components and goods.
According to IBM’s automotive BCDB case study, mobility services, supply chain, and finance are only a few segments of the automotive industry that can be improved by a blockchain-powered backend. Concerning mobility services, IBM has partnered with ZF and UBS Bank to implement a blockchain-based car eWallet service that facilitates cashless micropayments multiple services including parking, tolls, electric charging and congestion fees. This system can be used to reimagine package transportation by enabling a secure drop point for goods, with permissioned access to the vehicle’s trunk. From a supply chain perspective, Boeing is integrating an IBM blockchain-based solution to make supply chain data accessible to aircraft owners, regulators, maintenance workers, and component vendors. Through a blockchain-powered supply chain, automobile makers can streamline component tracking, ensuring that parts are genuine by checking their accompanying digital documentation.
Indian multinational car manufacturing corporation Mahindra is implementing IBM blockchain to enhance their supply chain finance needs. Their aim is to create a blockchain ecosystem to ensure transaction visibility between component suppliers and manufacturers by streamlining communication and trust between the parties involved.