{"id":22858,"date":"2020-07-18T09:00:24","date_gmt":"2020-07-18T03:30:24","guid":{"rendered":"https:\/\/www.the-next-tech.com\/?p=22858"},"modified":"2020-07-18T09:01:25","modified_gmt":"2020-07-18T03:31:25","slug":"3-ways-blockchain-is-changing-car-retailing","status":"publish","type":"post","link":"https:\/\/www.the-next-tech.com\/blockchain-technology\/3-ways-blockchain-is-changing-car-retailing\/","title":{"rendered":"3 Ways Blockchain is Changing Car Retailing"},"content":{"rendered":"

Introducing tamper-proof digital identities to car retailing and automotive IoT.<\/span><\/p>\n

3 Ways Blockchain is Changing Car Retailing.<\/b><\/h2>\n

How blockchain technology enables tamper-proof digital identities in car retailing and automotive IoT.<\/h3>\n

1. How to best approach the lack of traceability in the automotive sector?<\/span><\/h2>\n

From competitive pressures on cost and performance to environmental pitfalls, there is one common challenge faced by the industry at large today \u2014 the absence of transparent mechanisms for verifying operational data generated by auto vehicles.<\/span><\/p>\n

In contrast to siloed, password-based centralized systems, tamper-proof identities on the blockchain offer a path to transparency<\/a> with secure authentication and authorization for every car that hits the road.<\/span><\/p>\n

Interoperable and trusted digital identity management solutions aim to resolve this problem through secure management and storage of vehicle-generated operational data that can be applied in car trading and sharing services, automotive IoT, and autonomous driving.<\/em><\/p>\n

2. Tap hardware modules for traceability in car trading.<\/span><\/h2>\n

The digital revolution is disrupting used-car retailing \u2014 for the better. This new wave of digital retailing represents more than technology alone because it focuses a spotlight on the importance of the customer experience<\/a> in the used-car-buying process. <\/span>McKinsey & Company.<\/span><\/a><\/p>\n

The second-hand car market is rife with fact-checking concerns \u2014 from the lack of mechanisms to check the accuracy of the car\u2019s history of ownership to costly third-party audit reports.\u00a0<\/span><\/p>\n

Case study: A major Japanese auto dealer has been dealing with the exact same problem. The offered <\/span>solution<\/span><\/a> is a cost-effective bundle of blockchain software and hardware modules.\u00a0 <\/span><\/p>\n

Microcontrollers with secure boot are installed to each vehicle\u2019s odometer and accelerometer. This drastically improves the company\u2019s operations in the following senses:<\/span><\/p>\n