#Blockchain Use Case: Blockchain in Automobile Industry Published 2 weeks ago on March 9, 2019 By Nadja Eriksson Share Tweet The growing focus on data manipulation, better quality control and the need for faster business transactions have fuelled the growth of the automobile industry. The development of new products and partnerships by leading companies are likely to stimulate the growth of the blockchain in the untapped markets for the long term. Blockchain in Automobile Industry Blockchain technology has gained momentum in the automobile industry, and in the following sections, we will discuss some of the latest developments in the blockchain for autonomous vehicles. Blockchain technology is a fundamental technology that has opened a world of innovative opportunities for the automotive industry. OEMs could use blockchain technology as a platform to improve their global vehicle cybersecurity, validate material bills, secure micropayments, improve identity management and improve data validation. Blockchain technology offers vital stakeholders in the buying and selling process an efficient payment system. With tailor-made solutions for the automotive industry through blockchain technology, the future looks bright. Blockchain technology can take advantage of the intelligent contract architecture that would improve the payment process. Porsche is credited with being the first company in the industry to test the implementation of the blockchain in their systems. Porsche has tested how the blockchain technology can be used to lock and unlock a car. In addition, every time someone locks or unlocks a car, the data is recorded in the blockchain and no one can modify or modify it, making it easy to track who has used a vehicle at any given time. There are endless possibilities, some of which have already been conceptualized – incentives to drive more environmentally friendly, car insurance and car financing, blockchain – based titles, remote – lock chains and unlock vehicles – the list goes on and on. With the blockchain proving to be the future of security, and with cars becoming essentially IoT devices, merging them together seems only natural. Blockchain developers have experimented with off-network data storage solutions to optimize the number of data transmitted by block chains to improve scalability. By leveraging blockchain technology, drivers can contact remote users of the blockchain ecosystem for updates, nearby suppliers for remote availability, price negotiations. By leveraging Blockchain, users can instantly secure payments for media content and other services they want to have due to their reliability and transparency in transactions. IOT and Blockchain solutions can offer endless possibilities, ranging from safer and environmentally friendly driving behavior, improved and more affordable automobile insurance, to remotely lock and unlock vehicles and much more. Although blockchain remains the backbone of Bitcoin, distributed ledger technology has proven to be useful as a standalone and secure solution for data structures. The use of blockchain technology to solve the challenges of data security connected to automobile is not only an option but also a necessity. For example, one block chain may contain bills for vehicle components, another blockchain may contain quality control records created during the production process, and another may contain information about the WIP for each vehicle assembly from beginning to end. Related Topics:automobile industryautomotiveBitcoinBlockchainblockchain for carsBlockchain TechnologycarsINTERNET OF THINGSIOT Up Next OneCoin Founders Arrested: Charged Billions for Fraud Don't Miss Starbucks backing out of bitcoin adoption? Continue Reading Advertisement You may like ETH Price Analysis: Has Ethereum turned bearish? Mt Gox: Has the time come when Mt.Gox Creditors will be paid? Cryptocurrency Price Analysis: Great Week for the top 10 Ripple Price Analysis: XRP going to fall or rise? Bitcoin Price to $4500 soon? BTC Price Analysis Tom Lee: Bitcoin Bull Market Coming Soon 5 Comments 5 Comments Pingback: Use Case: Blockchain in Automobile Industry - Coinnounce - BTCrumbs Pingback: Use Case: Blockchain in Automobile Industry - Coinnounce - LTCrumbs Pingback: Use Case: Blockchain in Automobile Industry - CryptoChainHub Pingback: Use Case: Blockchain in Automobile Industry – Token Pingback: Use Case: Blockchain in Automobile Industry – Satoshi Nakamoto Blog Leave a Reply Cancel reply Your e-mail address will not be published. Required fields are marked *Comment Name * Email * Website #Blockchain Adoption: Courts in France adopt blockchain technology Published 6 days ago on March 16, 2019 By Joyce Lang The NCC or National Council of Clerks of France recently made an announcement that they have finally tested a blockchain technology-based solution for the courts and are now prepared to launch it throughout France. The National Council of Clerks is a representation of the clerks of the corporate and commercial registry in around a hundred thirty-hour workplaces in France. The workplaces depend upon one another for sharing important data. The goal of NCC France The NCC is determined to streamline and position the latest information technology that capitulates something that is known as ‘the single version of the truth’. The data tracks an organization’s growth, dissolution, change of location etc. The sharing of data amongst each other was earlier a big challenge for the NCC. The project based on blockchain technology had an aim of rapid cycle times and precision of information. In the pilot phase of the project, the National Council of Clerks in France was able to lessen the timing of registry operation involving a lot of days to just one day. According to the president of France National Council of Clerks, Sophie Jonval, the project based on blockchain technology is an outcome of the partnership with IBM. IBM who is already an expert in blockchain technology and cryptography has been serving as a technological partner. According to the NCC, the project shall be rolled out in the 1st half of 2019 and the project shall ensure a transparent and improved dynamics of the interactions between the clerks. Continue Reading #Blockchain HSBC Bank Looking to Expand Blockchain Platform Voltron in South Korea Published 1 week ago on March 13, 2019 By Nadja Eriksson HSBC, the largest bank in Europe is searching for banks in South Korea for launching Voltron, it’s blockchain platform as reported by the Korean Times. HSBC Voltron: The Voltron platform delivers a more quick method to process and settle invoices using by using permissioned blockchain technology. The permissioned blockchain stops the transactional data from being shared with everyone but instead, the data is shared with only consented users. The platform decreases the time that is usually required for the total process. According to Joshua Kroeker, the innovation director of HSBC, the platform would mostly impact the process timing. Thus the transparency which comes with blockchain, as well as the rapid flow, would help the banks in managing their working capital as well as their cash flows. Kroeker reached out to the banks in South Korea to partner with their blockchain platform i.e. Voltron for the letters of credit. HSBC’s blockchain platform was initiated in 2018 and is currently partnered with seven banks namely Standard Chartered, Bangkok Bank, BNP Paribas, ING, CTBC Holding, SEB, and NatWest. The platform is still in its pilot stage however, it shall soon be launched commercially. Continue Reading #Blockchain World’s biggest Blockchain ETF on London Stock Exchange Published 2 weeks ago on March 11, 2019 By Janet F. Sanchez Cryptocurrency enthusiasts around the world have been curiously waiting for a bitcoin ETF to be approved by the SEC or any other potential government in the world. However, before a bitcoin ETF, the world’s biggest blockchain ETF is scheduled to be launched by Invesco on the London Stock Exchange. Invesco is a large investment management company that has more than $800 billion in assets under management. World’s biggest Blockchain ETF At the launch, the Blockchain ETF will invest in a portfolio of forty-eight companies including the CME Group, a US exchange which had earlier launched bitcoin futures on the exchange and Taiwan Semiconductor Manufacturing, a company that supplies crypto mining machines. Other companies are those that have an exposer to the blockchain technology. The Blockchain ETF will be based on a proprietary scoring system made by Elwwod Asset Management LLP. According to Bin Ren, the chief executive officer at Elwood, the blockchain goes past cryptocurrencies. He mentioned that although blockchain technology is mostly being used by financial companies, it will be implemented in a vast range of industries soon. Continue Reading Advertisement Advertisement Latest Crypto News #Ethereum Price Analysis5 hours ago ETH Price Analysis: Has Ethereum turned bearish? #Exchange21 hours ago Mt Gox: Has the time come when Mt.Gox Creditors will be paid? #Bitcoin24 hours ago Cryptocurrency Price Analysis: Great Week for the top 10 #Ripple Price Analysis1 day ago Ripple Price Analysis: XRP going to fall or rise? #Bitcoin Price Analysis2 days ago Bitcoin Price to $4500 soon? BTC Price Analysis #Bitcoin2 days ago Tom Lee: Bitcoin Bull Market Coming Soon #Bitcoin2 days ago Alert: Bitcoin Breaks Record, Highest Hash Rate Since November 2018. 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