When the automotive industry transformation encounters blockchain, what sparks can the two create?

The automotive industry is facing profound changes, and blockchain technology is also attracting people's attention. There seems to be no intersection between the two, but blockchain and cryptocurrency are playing a role in autonomous driving, in-car payments, and supply chain management.

The automotive industry has many risks in the process of data collection, transmission and reception. The blockchain field has many applications in the field of security. Blockchain can provide users with advanced security protection, providing a higher level of verification through data decomposition, decentralized storage and encryption technology. Blockchain makes it more difficult to tamper with data, thereby enhancing the security of automotive data.

Currently, ZF is developing an e-wallet function that applies the product concept of blockchain. This e-wallet directly connects vehicles with services and infrastructure, facilitating payment services such as parking fees and highway tolls. Blockchain technology can help the development of autonomous driving technology. For example, the automatic payment function will provide an "automatic payment for parking fees" function for autonomous vehicles.

In 2016, Toyota Financial Services joined the R3 CEV Consortium in the hope of applying blockchain technology to automotive supply chain management and Internet of Vehicles systems.

In the future, insurance claims will likely use smart contracts or private key technology to improve the processing of document processes and automatic payment of auto insurance. This will greatly facilitate consumers to obtain corresponding compensation. Blockchain technology may also mean that insurance prices will be determined by data shared by consumers and insurance companies based on personalized insurance quotes.

Blockchain technology will also help car rental companies more easily track the movement and mileage of their leased vehicles. Blockchain technology may be used by regulators in the future to make information in the used car market more transparent. Buyers can more easily obtain vehicle verification information and make more informed choices.

As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity.