Study: blockchain in the automotive industry will reach $ 5.6 billion by 2030

According to a study by ResearchandMarkets, the global blockchain market in the automotive industry will be$ 428 million this year, and by 2030 will increase to $ 5.6 billion.

The study notes that the average annualindustry growth will be about 30%. Blockchain-based systems will store records of car sales, warranty claims and insurance. The immutability of records entered into the blockchain will allow buyers to be confident in the history of their cars, even if they buy them used.

Also, the use of blockchain will reducethe number of intermediaries between the plant and the buyer, and, accordingly, reduce the costs of the manufacturer. There are currently dozens of startups in the industry, including Xain and NXM Labs.

According to analysts, blockchain will havesignificant impact on the changing automotive industry. Blockchain-based supply chains prove to be effective compared to other methods.

Moreover, as ResearchandMarkets notes,blockchain is not very useful for itself, however, the correct application of technology can really increase the efficiency of many processes. Especially if you combine the blockchain with other areas of modern engineering, such as artificial intelligence and the Internet of things.

It was previously reported that Lamborghini uses the Salesforce blockchain to certify cars, and JPMorgan bank uses the technology to track collateral cars.

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