Introduction
The global automotive industry is undergoing rapid transformation, witnessing the advent of electric and autonomous vehicles, as well as modern infrastructures to support these emerging technologies as they gain prevalence and trend towards the status quo.
The world’s attention now turns to engineering and technology firms to see how they develop products to support this state of flux.
HyperBC, a blockchain powered payment solutions and digital asset custody provider, has announced a renewed focus on this industry, particularly in the UAE, Singapore, and their surrounding regions. They contend that blockchain technology is a clear contender for integration into modern automotive manufacture, distribution, and operational systems, and have outlined three use cases they feel have the most disruptive potential:
Autonomous & Connected cars
Secure Inter-Vehicluar Networks would improve navigation in autonomous vehicles by sharing live location data between nodes. This could be implemented for any type of vehicle — cars, trains, boats, planes — any kind of traffic system can be optimised by storing data in a common and decentralised accounting format. Effectively, this turns vehicles into smart IoT devices.
Live location sharing already works as the technology behind Google Maps and similar navigation software, optimising travellers routes according to population density in a bid to mitigate congestion. The issue with such methods at present is one of privacy.
A centralised database that tracks entities’ movement patterns can easily be used for nefarious purposes. A highly secured, decentralised system omits this possibility whilst retaining all the benefits. This could revolutionize traffic control systems and, with a critical mass of adoption, eradicate gridlock due to mismanagement or human error.
Vehicle History Management
An immutable accounting system that tracks production, sale, and repair of vehicles would create a foolproof and permanent historical record. This kind of data is invaluable, not least to insurance providers, who rely on the authenticity and timeliness of such records to process claims, or individuals making private purchases, who need untampered documentation on ownership & repair history to make an informed decision.
Blockchain technology facilitates these use cases because of its immutability. Digital record-keeping superseded physical documentation because of its ease of transmissibility, but at the expense of the potential for tampering. Information in blockchain ledgers cannot, by definition, be meddled with, making it ideal for collection and transmission of such data.
Car Sharing & Automated Payments
Car sharing requires real-time processes for verification and payment. Blockchain technology and smart contracts can be used to create a highly secure & decentralised platform that guarantees immutable records of car rental history. This means in the event of an accident, providers can easily pinpoint liability, and smart contracts bolster this system by automating tasks such as registration or fee calculation.
However, this application of blockchain extends past the Ubers and Zipcars of the world. Picture an automated vehicle that can drive itself to a refuelling/recharging station and come back ready to use, independently. Blockchain creates an efficient, secure, and auditable vector for IoT transactions, creating huge potential for disruption in this space.
HyperBC
HyperBC is celebrating its renewed industrial focus at Singapore Blockchain week, between the 25–29th of July, 2022. Find them at booth D2 at Marina Bay Sands in Singapore, one of the blockchain capitals of the world. To book a VIP consultation to discuss use cases for blockchain within the automotive sector, contact them via the email in their author profile.
For more information about their brand, visit:
HyperBC.com
