Cryptocurrencies are quickly cementing their role as the next big thing in technology, becoming more common and emerging from their reputation as being used for illicit, black market transactions. The automotive industry is increasingly embracing this new technology, bringing whats known as blockchain into industry lexicon.
What is Blockchain, Exactly?
Simply put, blockchain is a public digital ledger that allows information to be distributed but not copied and stored across multiple channels. Information can be stored securely without risk of hacking or theft. This new technology can, among other things, record financial transactions, decrease odometer fraud, monitor self-driving cars and weed out fraudulent auto parts.
How Blockchain is Changing the Auto Industry
The blockchain is an emerging technology and we dont fully understand everything it can do. Blockchain has the potential to revolutionize the way we do things and act as a new internet of sorts. This recent development brings with it whole new ways of doing things. For the burgeoning automotive industry, where growth is happening faster than they can keep up, blockchain may be the answer.