Growing Application Is Raising the Demand for the Global Automotive Blockchain Market at 45.01% of CAGR by 2027
“According to the new market research report published by Inkwood Research, the Global automotive blockchain market is propelling at a CAGR of 45.01% during the forecasting years.”
“Browse 18 market Data Tables and 27 Figures spread over 110 Pages, along with an in-depth TOC on global automotive blockchain market forecast 2019-2027.”
The blockchain technology offers a growing index of records, termed as blocks, where a cryptographic hash of the previous block is contained in each consecutive blocks, and they connect with each other through transaction data coupled with a timestamp. This technology can reinforce the impending technological metamorphosis and can position the automotive stockholders from where the market can supply sensational and innovative solutions to many pressing ongoing automotive issues, especially the ones they face in the connected car industry. This technological conjugation of the blockchain technology will allow the automotive industry to adapt to the changing times very smoothly.
Exclusion of third parties or middlemen is profitable for the global automotive blockchain market
A single platform as a source for all the data and information concerning the respective manufacturing process, supply lines, etc. becomes accessible when the blockchain technology is engaged in many activities of the automotive industry. The advantage of such a ledger or archive is that it turns the process of creating smart contracts much easier, as they are known to offer rapidly automated approval workflows, which fortunately enables two parties to interact and exchange services without the oversight of third parties or mediators. Their absence nullifies the policy of paying the internal costs that ensues the operations and IT systems due to laid off and duplicative schemes. Most importantly, the servicing fees compensated for services like the post-trade solutions, etc. to the third party providers are downright abolished after the uptake of the automotive blockchain technologies.
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The key area of development lies in the manufacturing segment of the global automotive blockchain market
The automotive manufacturing process has a lot of opportunities for the application of blockchain technology. For instance, managing the production and product recalls can be undertaken by this technology alongside enabling transparency between the producers and suppliers which will further enhance the overall process. Also, the automotive technology can offer the services of ‘Smart Contracts’ that can evaluate the overall process to minimize the costs and maintain a balance of trust & co-operation through the manufacturing value chain, which is known to have a complex functioning process. For example, a single component in the manufacturing value chain can have multiple transactions from the request of quotes to the transmission of purchase orders.
High technological adoption is the fundamental driver in the North America automotive blockchain market
The advent of cutting edge technologies like artificial intelligence & autonomous systems penetrated the most in the North American region. The North American automotive market is known to be the fastest market to take up prospective innovative technologies with respect to the others, and the blockchain being one such development, lead to the situation where the industry expectedly immersed itself in this new space. This regional market is expected to capture the largest market share by the end of 2027 in the global automotive blockchain market. The car manufacturers in the region are prioritizing to find out ways to utilize this immutable ledger to diverse needs, for instance, some of them are trying to implement blockchain for safeguarding ethical mining by tracking the cobalt they use for manufacturing.
Notable players in the global automotive blockchain market
Mesosphere Inc., Oaken Innovations, ConsenSys, Xain AG, Wipro Limited, Microsoft Corporation, International Business Machines Corporation (IBM Corp.), Reply SpA, Project Provenance Ltd., Context Labs BV, Infosys, Factom Inc., Ripple Labs Inc., BigchainDB GmBH.
About Inkwood Research
Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy; with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.