Automotive block chain is an advanced technology that is helps in efficient vehicle handling. It collects data from several vehicles, helps in better traffic handling and secure operations of different functions.
Some of the offerings of automotive block chain are unlocking of cars, keeping record of travel and journeys, leasing of car, and financial transactions of vehicles such as parking fees, toll charges, software updates, and several others.
To sum it up, automotive block chain technology enables secure data sharing by tracking vehicle at any point of time. Distance traveled and vehicle’s current location are some aspects that can be scrutinized using automotive block chain.
Increasing adoption of connected vehicle is the primary factor expected to fuel the global automotive block chain market. Apart from this, there are several other factors responsible for the growth of the automotive block chain market. We have mentioned some of them below-
- Rise in adoption of advanced technology, increasing demand for vehicle-to-vehicle and vehicle-to-base location connectivity, and necessity of a foolproof operating system are some other drivers of the automotive block chain market.
- The advent of advanced technologies such as Internet of Things (IoT) and automotive automation is fueling the growth of the global automotive block chain market. This is because automotive block chain technology when integrated to advanced technologies provides numerous advantages to users.
- However, the fact that block chain technology is a decentralized technology in the auto motives, hence it is comparatively slower than of a centralized technology. Owing to this, speed of operation of block chain technology is slower than others. This is expected to restrict the growth of the automotive block chain market in the near future.
- Nonetheless, rising adoption of the automotive block chain technology in the vehicle and increasing integration of the technology with other technology is expected to offer lucrative opportunities to the growth of the automotive block chain technology.
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