Blockchain and Automotive Industry
From components suppliers and manufacturers to consumers and safety regulators, every aspect of the complex automotive industry ecosystem relies on a network of transactions and knowledge. This process starts long before a car is created and continues long after being purchased. The quantity of data that automobile industry companies must keep track of is expanding, from support for developing hardware and services to identifying the source and location of faulty or counterfeit parts. With a shared record of ownership, location, and movement of components and items, Green Plus Blockchain can help increase efficiency, transparency, and trust. Furthermore, the flexibility of blockchain records makes them ideal for keeping up with emerging business models.
Vehicles are increasingly required to include secure, seamless mobility services and the ability to handle micropayments and other interactions with ride-sharing services, intelligent transportation infrastructure, and electric vehicle charging. With Green Plus blockchain, tolls, congestion fees, electric charging, parking, and even payments between automobiles are all possible. With access to the trunk, the system can also allow a car to be utilized as a certain drop point for parcels.
Traceability is critical in this market for knowing a vehicle’s post-sale movements. Makers must trace vehicle movements for regulators and buyers to ensure safety and dependability.
Because of its traceability and transparency, Green Plus blockchain is ideal for tracking purchases, shipping arrangements, dealer transactions, and millions of micropayments in mobility services. Smart contracts built on the blockchain go far beyond tracking and visibility, allowing cash to be released only after a satisfying delivery.