A PR Newswire article cited a report by Business Intelligence and Strategy Research (BIS Research) estimating that the global automotive blockchain market will reach $1.6 billion by 2026.
According to the report, the automotive blockchain market will reach $1575 million by 2026, growing at a CAGR (Compound Annual Growth Rate) of 65.80% since 2018.
The expected growth is thanks to the steadily increasing popularity of the distributed ledger technology (DLT) and “the myriad number of benefits associated with the blockchain technology,”.
The features, which made blockchain a technology with a potential to change the current automotive supply chain, are its transparency, security, immutability and reliability.
“By augmenting distributed ledger technology with automation, a plethora of application cases can be realized whose impact spans over the whole supply-chain. The immense application potential of this technology opens up plenty of opportunities which can transform products, services, and processes across the automotive industry.”
Blockchain and tokens
Multiple car companies already ventured into the blockchain sphere. For example, Ford already received a patent for “Apparatus and methods […] for vehicle-to-vehicle cooperation to marshal traffic.”.
Do you think that blockchain is the future of the automotive industry? Share your thoughts in the comments below!