Blockchain will revolutionize what it means for our mobility and transportation; things are about to get very interesting. This decentralized system requires little to no supervision, helping to prevent accidents and improve manufacturing processes. Below is the third part discussing how blockchain will harness the power of these industries.
The World of Automotive Manufacturing
The blockchain does so well that it can keep track of assets because records are permanent and automatically done; there's no chance of human error or fraud. Automotive manufacturers can see where their next order of parts is, how soon they'll arrive, and if there are any delays.
It can be easy to think that this is something from off in the very distant future; the truth is that isn't the case at all. Companies like BMW, GMC, Ford, and Honda (among many others) install the Mobility Open Blockchain Initiative (MOBI), the next generation of vehicle and parts tracking, possibly making vehicle recalls a thing of the past.
This resilient system can change how companies deal with their supply chains; things are just better with blockchain. Whether it's problems with tracking orders or even weeding out counterfeit goods, blockchain is the key to ensuring these things don't happen.
How We Buy and Lease Cars
Historically, the experience of buying or selling a vehicle has been a messy process, but the blockchain can change everything for good. In 2015, VISA partnered up with a transaction management start-up called DocuSign. Users could click, sign, and send their documents, making vehicle transfer much faster.
The goal here was to streamline the buying and selling process by harnessing the power of the blockchain. This VISA-DocuSign partnership lets customers quickly pick the car they want and complete all paperwork on the blockchain's public ledger records.
The Future of Ride-Hailing
With blockchain, companies like Uber and Lyft could easily keep track of all transactions, control fleets of drivers, and develop a more user-centric business model. This new business is successful because it allows companies to change as customer demands change, keeping them dynamic and flexible to customer tastes and trends.
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