Blockchain Brings Innovation to Automotive Industry

Smart automobiles are a concept that has been in the works for a while. Starting from onboard computers which appeared at least a decade ago, the automotive industry has moved on to self-driven cars, and now they are stepping into the blockchain domain. In the recent months, companies like BMW, Honda, Hyundai, Fiat-Chrysler, Ford, Faraday Future, Mercedes-Benz, Nissan, and Toyota have presented innovative, breakthrough technologies at various expos, among which blockchain technology had a significant presence.

According to reports, the use of distributed ledger technology-based applications in the automobiles will augment the market’s big data with an end-point authentication process, pushing the total value to over $1 billion by 2022. The use of blockchain technology is expected to come in handy as the automotive industry moves towards increased digitization of onboard technologies that makes cars smarter. In addition, plans for rolling out autonomous vehicles and the increasing need for pushing over-the-air updates will increase the requirement for private and secure systems.

The report on an online publication draws few pointers from an article by Steven Overly on one of the leading US dailies to support its commentary on the increasing need for privacy and security. Overly was quoted saying,

“The arrival of

Read more ... source: NewsBTC USA

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