Blockchain Technology Revolutionizing Connected Cars Market
Automotive ecosystem is estimated to spend 0.6% of their total IT spending on Blockchain by 2026. Blockchain Technology, the system which backs crypto currency transactions efficiently is believed to have the potential to revolutionize connected vehicles and automated driving. The distributed public ledger system can give vehicles a decentralized digital identity. This will transform the way connected cars communicate with other Internet of Things (IoT) devices. And with it comes new and improved capabilities for insurance, vehicle history, ride sharing services and more. Blockchain Technology has the potential to not only expedite our path to automated vehicles, but it also opens the door for multiple connected car use cases today.
This technology is proving to be a huge advantage for OEMs, Telecom providers and insurance companies as the enabled smart contracts allow the exchanges in a conflict-free way without any middlemen.
Blockchain works on decentralized platforms. Transparency, elimination of third parties, cost reduction, micro-payments, cryptographic security, and immutability are the key benefits of blockchain solutions. Blockchain is expected to be one of the key pillars of digitization across various industrial verticals. The financial sector is the pioneer in exploring and adopting blockchain solutions for smart transactions. Healthcare, insurance, networking, and transportation are some of the other sectors focusing on blockchain. The study provides an in-depth analysis of the automotive key functional areas (such as smart manufacturing, supply chain logistics, retailing and leasing, mobility, connected living, and IoT) that can use Blockchain Technology. Blockchain will disrupt the automotive industry and will create growth opportunities, monetization avenues, and facilitate digital transformation.
With Blockchain Technology, OEMs could benefit from quicker, more secure data transfers than are possible today. Every transmission would be traceable, enhancing the V2X and in particular V2I capabilities significantly. Ridesharing services could also benefit from more secure data transfer, location tracking and seamless payment between the passenger and the vehicle. And as we look ahead to fully automated vehicles, information or currency could be exchanged between vehicles, infrastructure and other IoT devices via the blockchain.
Maximize Market Research has comprehensively analysed Global IoT Market in Connected Cars emphasising on the use of Blockchain Technology in achieving greater efficiency and security. The driving forces as well as considerable restraints have been explained in depth to attain a balanced scenario. Segment wise market size and market share during the forecast years is duly addressed to portray the probable picture of this exuberant industry. The competitive landscape comprising of key innovators, service providers, market giants as well as niche players is studied and analysed extensively with respect to their strengths, weaknesses as well as value addition prospects. Report presents significant case studies along with the success stories to motivate and guide the like minds. In addition, Report displays current consolidation trends with respect to prominent mergers and acquisitions, consequent Market fragmentation, new trends and dynamics in partnerships, emerging business models. This will enable the reader to comprehend whole IoT Ecosystem with utmost ease and clarity.
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Global Blockchain Market