🔐BLOCKCHAIN INDUSTRY(AUTO)

Blockchain Market in Auto Industry

Blockchain technology plays a significant role across various industries, including finance, healthcare, IT & telecommunications, retail, and e-commerce. Specifically, in the automotive sector, the application of blockchain is growing rapidly, bringing innovations in car purchasing, selling, maintenance, sharing, and tracking.

In 2020, the automotive blockchain market was valued at $350 million and is expected to reach $52.9 billion by 2030. This growth represents an annual growth rate of 31.19%, indicating that blockchain will bring innovative changes to the automotive industry.

Blockchain applications in the automotive industry include part certification, marketing interactions, financial transactions, connected vehicles, vehicle tracking, autonomous driving, vehicle sharing, and CO2 emission tracking. Each application contributes to improving transparency, security, efficiency, and reliability in various aspects of the automotive industry.

For example, blockchain-based part certification can prevent the distribution of counterfeit parts and enhance trust in the automotive supply chain. Furthermore, blockchain-based smart contracts can automate car purchases, insurance policies, and supply chain management, improving efficiency.

Additionally, blockchain can make transactions between users and drivers in vehicle sharing services safer and more transparent. This simplifies user authentication, ride tracking, and payment processing, enhancing the reliability and security of car-sharing services.

The application of blockchain in the automotive industry enables the emergence of new business models, particularly integrating services such as car purchasing, maintenance, insurance, and valet driving services through platforms like auto super apps. These services offer users a more transparent and efficient automotive service experience.

This trend indicates that blockchain is causing significant changes in the automotive industry, which is expected to continue in the coming years.