{"id":1459,"date":"2017-05-19T19:54:48","date_gmt":"2017-05-19T14:24:48","guid":{"rendered":"http:\/\/autofacets.com\/insights\/?p=1459"},"modified":"2021-10-02T12:01:11","modified_gmt":"2021-10-02T06:31:11","slug":"blockchain-tracker-the-auto-industry-revs-its-blockchain-engine","status":"publish","type":"post","link":"https:\/\/www.autofacets.com\/insights\/blockchain-tracker-the-auto-industry-revs-its-blockchain-engine\/","title":{"rendered":"Blockchain Tracker: The Auto Industry Revs Its Blockchain Engine"},"content":{"rendered":"<div id=\"head-main-wrap\" class=\"left relative\">\n<div id=\"main-nav-wrap\" class=\"fixed\">\n<div class=\"nav-out\">\n<div class=\"nav-in\">\n<div id=\"main-nav-cont\" class=\"left\">\n<div class=\"nav-logo-out nav-logo-out-fade\">\n<div class=\"nav-logo-in nav-logo-in-fade\">\n<div class=\"nav-menu-out\">\n<div class=\"nav-menu-in\">\n<nav class=\"main-menu-wrap left\">\n<div class=\"menu-custom-container\">\n<p>While blockchain technology makes its way into different industries outside of the finance arena, one vertical that\u2019s ready to take it on is the automotive world.<\/p>\n<\/div>\n<\/nav>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"body-main-wrap\" class=\"left relative tabs-top-marg body-top-pad\">\n<div class=\"body-main-out relative\">\n<div class=\"body-main-in\">\n<div id=\"body-main-cont\" class=\"left relative\">\n<div id=\"post-main-wrap\" class=\"left relative\">\n<div class=\"post-wrap-out1\">\n<div class=\"post-wrap-in1\">\n<div id=\"post-left-col\" class=\"relative\">\n<article id=\"post-area\" class=\"post-371379 post type-post status-publish format-standard has-post-thumbnail hentry category-blockchain tag-auto tag-automotive tag-big-data tag-blockchain tag-blockchain-tracker tag-security tag-technology tag-vehicle\">\n<div id=\"content-area\" class=\"post-371379 post type-post status-publish format-standard has-post-thumbnail hentry category-blockchain tag-auto tag-automotive tag-big-data tag-blockchain tag-blockchain-tracker tag-security tag-technology tag-vehicle\">\n<div class=\"post-cont-out\">\n<div class=\"post-cont-in\">\n<div id=\"content-main\" class=\"left relative\">\n<p>With the combination of big data in the auto market set to reach $4 billion by 2020 and end-point authentication in the auto market to be valued at $1,042.5 million by 2022, blockchain technology use is prime for integration.<\/p>\n<p>Each vehicle that has been rolled off the assembly line for the past decade has had some form of technology embedded into its core. Think of all the turn-by-turn GPS, Bluetooth-enabled stereos or USB ports that have grown to become standard offerings. At this year\u2019s <a href=\"http:\/\/www.mensjournal.com\/gear\/collections\/9-innovative-new-car-technologies-unveiled-at-ces-2017-w458917\" target=\"_blank\" rel=\"noopener noreferrer\">Consumer Electronics Show<\/a> (CES), there were nine new technologies unveiled from Honda, BMW, Ford, Faraday Future, Nissan, Toyota, Fiat-Chrysler, Hyundai, and Mercedes-Benz.<\/p>\n<p>Within the past year alone, we\u2019ve seen the likes of <a href=\"https:\/\/www.cryptocoinsnews.com\/porsche-startups-blockchain-contest\/\" target=\"_blank\" rel=\"noopener noreferrer\">Porsche<\/a>\u00a0and\u00a0<a href=\"https:\/\/blogs.wsj.com\/cio\/2016\/06\/23\/toyota-unit-joins-r3-blockchain-group\/\" target=\"_blank\" rel=\"noopener noreferrer\">Toyota<\/a>\u00a0steer their way towards blockchain technology use. In addition to this, the blockchain technology market is also set to see some significant growth over the next few years. Research and Market\u2019s <em>Blockchain Market \u2013 Global Forecast to 2021<\/em> predicts blockchain\u2019s Compound Annual Growth Rate (CAGR) will grow a whopping 61.5 percent within the next five years from $210.2 million t0day to $2,312.5 million.<\/p>\n<p>The main issues are how much of that blockchain pie will automotive own \u2014 and how will it be implemented.<\/p>\n<p>As more big data is pulled from vehicles to either make them autonomous or to do over-the-air (OTA) updates, consumers\u2019 concerns naturally fall to of privacy concerns and what vehicle manufacturers are doing with their information. The <a href=\"https:\/\/www.washingtonpost.com\/news\/innovations\/wp\/2017\/01\/14\/seven-ways-car-buying-could-soon-be-very-different\/?utm_term=.b2ad708673fb\" target=\"_blank\" rel=\"noopener noreferrer\">Washington Post<\/a>\u2018s Steven Overly commented on this area earlier this year in an article about the 2017 automotive trends.<\/p>\n<p>He said, \u201cThe arrival of big data in the automobile has reason to give consumers pause. For one, there are privacy and security concerns that require vigilance \u2014 car hacking has the potential to become a problem if automakers do not effectively safeguard against it. What\u2019s more, automakers already have plans to turn that data into revenue, though many agree that car data belongs to the customers and they should determine how it gets used.\u201d<\/p>\n<p>Not too long ago, hackers showed a WIRED reporter how a vehicle could be hacked. As such, there\u2019s a need to secure the data and technology within cars of today and the future.<\/p>\n<p>At the moment, blockchain technology is being used in the automotive industry to help facilitate payments. While Toyota plans to use blockchain to increase efficiency and lower costs for transparency with consumers,\u00a0<a href=\"http:\/\/www.coindesk.com\/att-explores-cryptocurrency-car-payments-new-patent-filing\/\" target=\"_blank\" rel=\"noopener noreferrer\">AT&amp;T filed for a patent<\/a> to enable cryptocurrency car payments.<\/p>\n<p>Earlier this year, the concept\u00a0around blockchain wallets for the car was introduced via a new project dubbed <a href=\"http:\/\/www.coindesk.com\/blockchain-wallets-coming-maybe-soon-car-near\/\" target=\"_blank\" rel=\"noopener noreferrer\">Car eWallet<\/a> which was formed together by German auto manufacturer ZF Friedrichshafen, the Innogy Innovation Hub, and Swiss Bank UBS. While this is still in its testing phase, the hope for this project is that it allows the Car eWallet to be embedded in vehicles\u2019 electronic control units (ECUs), which are then connected to a private blockchain to allow for transactions between people. This would allow for the potential of seamless and secure toll or parking payments.<\/p>\n<p>While there have been various talks of how blockchain would be beneficial to the automotive industry, there has been zero action on the part of manufacturers in implementing it for the purposes of enriching security measures. Automotive software company <a href=\"http:\/\/movimentogroup.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Movimento<\/a>\u2018s CTO Mahbubul Alam contributed a piece to <a href=\"http:\/\/www.connectedcar-news.com\/news\/2016\/dec\/09\/why-auto-industry-should-embrace-blockchain\/\" target=\"_blank\" rel=\"noopener noreferrer\">Connected Car News<\/a> on how the technology could be ingrained in cars early on in the\u00a0supply chain.<\/p>\n<p>He said, \u201cBlockchain technology can create a trust protocol that really can be trusted. Today\u2019s product ID can still serve as a basis for the supply chain while maintaining authenticity in a way that everyone can trust. How it works is that a unique token or ID is created for each part or action that is then communicated to the distributed secure database open to OEMs and their supply chain partners. Enterprise blockchains ensure that within the supply chain, everyone knows what parts were created, how many, who built them, as well as other key data.\u201d<\/p>\n<p>If car manufacturers can work to build blockchain technology into their vehicles early on, it\u2019s likely that it may be the answer to both consumers and the industry\u2019s big data security concerns.<\/p>\n<hr \/>\n<\/div>\n<p>Courtesy of\u00a0<span class=\"post-info-text\">\u00a0<\/span><span class=\"author-name vcard fn\"><a title=\"Posts by PYMNTS\" href=\"http:\/\/www.pymnts.com\/blockchain\/2017\/blockchain-tracker-the-auto-industry-revs-its-blockchain-engine\/\" target=\"_blank\" rel=\"author noopener noreferrer\">PYMNTS<\/a><\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>While blockchain technology makes its way into different industries outside of the finance arena, one vertical that\u2019s ready to take it on is the automotive world. With the combination of big data in the auto market set to reach $4 billion by 2020 and end-point authentication in the auto market to be valued at $1,042.5&nbsp;<\/p>\n<p><a class=\"btn btn-style\" href=\"https:\/\/www.autofacets.com\/insights\/blockchain-tracker-the-auto-industry-revs-its-blockchain-engine\/\">Continue Reading<\/a><\/p>\n","protected":false},"author":3,"featured_media":1460,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[105],"tags":[],"class_list":["post-1459","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-automotive-it-trends"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.autofacets.com\/insights\/wp-json\/wp\/v2\/posts\/1459"}],"collection":[{"href":"https:\/\/www.autofacets.com\/insights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.autofacets.com\/insights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.autofacets.com\/insights\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.autofacets.com\/insights\/wp-json\/wp\/v2\/comments?post=1459"}],"version-history":[{"count":7,"href":"https:\/\/www.autofacets.com\/insights\/wp-json\/wp\/v2\/posts\/1459\/revisions"}],"predecessor-version":[{"id":4159,"href":"https:\/\/www.autofacets.com\/insights\/wp-json\/wp\/v2\/posts\/1459\/revisions\/4159"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.autofacets.com\/insights\/wp-json\/wp\/v2\/media\/1460"}],"wp:attachment":[{"href":"https:\/\/www.autofacets.com\/insights\/wp-json\/wp\/v2\/media?parent=1459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.autofacets.com\/insights\/wp-json\/wp\/v2\/categories?post=1459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.autofacets.com\/insights\/wp-json\/wp\/v2\/tags?post=1459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}