SmartFalcon – We build solutions using Distributed Ledger Technologies

Role of blockchain in the Automobile Industry

Blockchain technology is a revolutionary new way of creating trust and providing secure transactions among multiple parties. It has the potential to transform the way manufacturing companies do business, from production and supply chain management to data tracking and product traceability.

The use of blockchain technology in manufacturing has the potential to reduce costs, improve efficiency, and increase transparency. In addition, it can enable faster and more secure product tracking, provide a secure platform for data exchange between different parties, and create a secure digital asset ownership system. It also has the potential to enable new business models, such as micro-manufacturing, and to enable cross-border manufacturing.

Solving Automobile Industry Challenges

Countering counterfeiting

A blockchain-based solution can ensure that all participants use the same supply chain, minimizing the risk of counterfeit parts. By plugging automotive supply chains into a blockchain-based protocol, manufacturers can gain insight into the inefficiencies currently facing their supply chains. Blockchain technology, combined with Internet of Things (IoT) monitoring, can create an efficient and reliable track-and-trace system to identify fake parts in the market.

Autonomous and connected cars

One of the major challenges dragging down the development of autonomous vehicles is the lack of an efficient data management system. With blockchain technology, user’s data remains safe, while self-driving cars can access this information to improve their navigation on the road. Blockchain and smart contracts will allow this data to be stored in a common and decentralized accounting format. Blockchain's decentralized ledger means that every node on the network, every car and data point, has access to all data almost simultaneously and more accurately.

Vehicle history management

Blockchain technology can be used to store various vehicle data, including major repairs, checks, accident damages, mileage, and ownership details—in short, a car’s entire history from the dealership to the present moment. Used car buyers can verify these details to ensure that the vehicle they are paying for is legal and has a perfect maintenance history. Auto manufacturers sometimes have to recall their vehicles. In such cases, tracking the car’s history using a blockchain-distributed ledger can help manufacturers easily pinpoint the vehicle and carry out the recall faster.

Car Sharing

Car sharing involves fast and real-time verification and payment processes. Blockchain technology and smart contracts can be used to create a car-sharing platform without a central instance. Blockchain guarantees the immutability of the car rental history, so in the event of an accident, the car-sharing company can check who was driving the car at that moment. When applied to car sharing, smart contracts can automate tasks such as registering a new lease and calculating fees based on actual usage.

Auto Insurance

Using a blockchain network to share driver behavior data can help insurance companies determine premiums based on accident and claim histories. As many processes are manual and time-consuming, blockchain can simplify the paperwork and negotiation of insurance contracts. Since records on the blockchain cannot be modified and can be verified in real-time, fraudulent claims can be identified faster. From the policyholder’s point of view, the combination of blockchain and IoT effectively simplifies the claims management process and improves the efficiency of claim resolution.

Automated Payments

Toll payments are one of the best examples of automated payments. It has made commuting a lot faster and saved time from stopping at toll gates to pay manually. Similarly, using blockchain technology, all the payments related to the automotive industry, such as ride fares, auto insurance renewals, fuel purchases, parking charges, and many more, can be automated with a high level of security and transparency. With blockchain technology, when a purchase is made from a vehicle, such as charging an EV at a charging station, the action triggers a smart contract and the appropriate amount of money can be transferred from the user’s bank account or digital wallet to the service provider. This transaction is recorded in an immutable ledger for future reference.

WHAT SMARTFALCON DOES

Blockchain and Digital Assets:
A Completely Different Approach

The platform from SmartFalcon is designed from the ground up to allow the development of full blockchain solutions simple and quick. With a few clicks, you can build scalable and secure blockchain networks. A complete set of pluggable on-chain and off-chain services speeds up your journey to production as well.

How SmartFalcon Works

Develop

Developing SmartFalcon's console and APIs simplify blockchain, allowing your team to focus on creating applications with genuine business value.

Execute

Manage operations, onboard new members, and scale your services at the touch of a button once your network and services are up and running.

How Do You Use SmartFalcon?

Launch Coins and Assets Immediately and efficiently
Create a platform for digital assets
Take Advantage of the Crypto Economy
Instantly Build Scalable, Borderless Blockchain Networks

Advantages for Finance