Blockchain’s Implication in the Autonomous Automobile Market

An incredible innovation of this period is autonomous vehicles. They release motorists of the daunting task of controlling braking, speed, and avoiding obstacles when driving. The car takes gigabytes of data from its surroundings and begins to process it to determine the next step. This self-driving device in Machine Learning and AI makes use of highly sensitive cameras and sensors with state-of-the-art mechanisms. In addition to this, the latest technological breakthrough, that cars can be connected by blockchain, is also opening up new avenues for the future. In this article, we will take a look at how blockchain automotive solutions for the autonomous automobile market and blockchain supply chain development are poised to play a crucial role.

Introducing Blockchain 

Essentially, driverless car technology relies on Big Data. Within nano-seconds, it gathers analyses and uses the data to increase accuracy. In this method, the function of blockchain is more like ensuring the integrity of data transmission and defending against abuse of all sorts. This openness could seem pointless to a layperson. Just imagine, what if a cyber-terrorist organization gains access to these driverless car systems driving on a busy street or a highway? It'll be a nightmare! A transport system that operates with a blockchain will assign time to each vehicle's travel, where it is possible to monitor and equally assign the waiting period for each automobile. Thus, because of ultra-secure protocols adopted by blockchain, hackers would be unable to break into this scheme. And, since the blocks are transparent, there would be no privacy issues.

Also, Read | Reconditioning Automotive Operations with Blockchain Smart Contracts

Establishing Trust in the Ecosystem 

The fact that blockchain is now going to control driverless cars appears to minimize the confusion between the vehicles. It will deepen the trust that autonomous cars have with each turn. The program must cater to individual vehicles and the road. This partnership calls on all vehicles working on the road to work together to improve productivity and protection.

As more cars join the network, there are certain concerns about what will happen. We need to ensure that the system's computing capacity at saturation times is high. Any vehicle would not only consider preventing non-vehicular obstacles (walls, trees) in a perfect scheme but will also relay these measurements to those on the network.

There is also one feature that it fails to address, considering all the advantages that the system appears to offer. That is, the cameras, controls, and applications used for self-driven cars will not become obsolete. No warning that avoids a collision with a pedestrian or animal can be given by the blockchain. For now, to eliminate car-to-car accidents, it can just stick.

Traceable Automotive Supply Chain

Another large subject that can be strengthened in so many respects is the supply chain. There is so much scope just looking at the 3D printing of fabrics and car parts alone. 3D printer firms and car parts suppliers may like to provide documentation of every 3D printed component being made up of 'ingredients'. We want to learn what chemicals and additives are in the food and drinks we drink. In the automobile industry, too, we can see additive manufacturing, where a 3D printer creates parts and components layer by layer by constantly applying materials. We want to know, as a customer, the raw materials and equipment required to make a vehicle. Where exactly do these tools come from, and has some child labor been involved? Slave labor and sex trafficking is an issue in that field that NXP acknowledges and addresses as much as possible.

For social and human profit, too, Blockchain is especially interesting. "As BMW reports on its website, "'Any raw materials such as cobalt or wolframite come from hard-to-monitor sources such as mines in developing countries.' In their blockchain pilots, one clever illustration of how they approach this is using a very genius strategy to make the route of raw materials more traceable to detect when quantities have been substituted or mixed:' Revolutionary strategies such as chemical tracers. There are chemical additives applied to a batch of content to make it personally visible with a scanner and machine-readable

Transparency can thrive in the entire complexity of the automobile supply chain via the blockchain, from cobalt or wolframite to electronics, applications, distributors of firmware, dealers, insurers, insurance agencies, and more.

Also, Read | Blockchain for Automotive Supply Chain Efficiency

Use Cases | Autonomous Automobile Solutions with Blockchain  

User Data Privacy and Protection

In addition to ensuring crash stability, blockchain technology also ensures user identity safety. Hackers could breach user information like emails, identities, and payment numbers. They then used this information against them, until the integration of this model. The passenger records, such as their addresses, pick-up, and drop-off points, will be on a secure decentralized ledger of a driverless taxi that will function via blockchain. Thus, a fully tamper-resistant autonomous vehicle will be available.

Driving-Related Transactions

Consider the number of transactions that take place when you're on the road, in terms of economics. Toll roads, for example, include purchases that, theoretically creating excessive traffic, will eat up substantial portions of your time. Not just that, but probably a smart hacker might steal credit card numbers from the toll booths themselves.

As Car e-Wallets, for example, blockchain solutions incorporation into your autonomous automobile would make these transactions easier and keep all details confidential that it already is. Hacking cars has not yet been standard practice, and blockchain is a cryptography marvel with its potential to distribute knowledge through multiple networks, even though it were to, with the growth of cars that rely on automation.

Also, Read | Blockchain Applications in the Automotive Industry | Advancing Innovation

Ride-Sharing Transactions

However, this isn't all that the blockchain has the power to do. Remember the rise of the market for ride-sharing. Lyft and Uber have made headlines in the automobile industry over the past decade, not for the vehicles they make, but rather for the services they offer. Now a multi-billion - dollar market, ride-sharing provides the potential to flourish in blockchain and e-commerce.

Imagine the freedom to make purchases for a trip without pulling out your credit card or being able to receive a rider's fare as a driver without loitering outside their destination. There's no risk of being low, either, when a driver uses a blockchain. Maybe taking a ride in the next decade will be completely interaction-free with each of the most successful ride-sharing platforms pursuing autonomous driving.

Personalized Car Insurance

There is also the opportunity for insurance companies to use the blockchain. For instance, the Accessibility Open Blockchain Project is partnering with Ford and GM to institute user-based insurance. Insurance contracts may be held inside the servers of a blockchain until they are created.

Payments will therefore get executed anytime a car's sensors perceive a breach of contract. To report back to an insurance provider to decide how high or low a premium is charged, telematics providers may now be able to gather data from the traffic records of a vehicle, from either venue, driving time, to average driving speed.