Focusing on blockchain technology today will ensure being relevant tomorrow. Blockchain technology has a lot of
applications outside of financial services and one more great example is the automotive industry. Blockchain implemented in the automotive industry is likely to change the traditional model of manufacturing, distribution, security, as well as service functions.
Blockchain refers to a database infrastructure that is distributed and shared among network participants. Blocks of data entries and transactions are chained together and stored in an immutable form, allowing participants who are authorized to access the network to view and add information but prohibiting alterations to existing records. Sophisticated cryptography and key management ensure data integrity and authenticate participants.
Challenges faced by the automotive industry:
- Counterfeit parts – do not contain optimal quality and safety as the original.
- Frequent recalls – large losses are caused by the lack of transparency in the supply chain.
- Dispersed supply chains – In multiparty supply chains, trust between suppliers and consumers can be lost.
- Slow transactions – insurance, payment processing, and validation, and contracts.
- Maintenance issues – timely detection and repair of faults could save them time and money.
- Car emissions – people dying from car generated emissions.
- Vehicle thefts – previous technologies were not very safe for car owners to protect them from theft.
- Unsafe driving – Speeding and drunk driving stay among the top reasons for traffic deaths.
The automotive industry has long been considered the engine of the world’s technological progress and it is a sector that faces a number of challenges with promoting, selling, insuring, and recalling vehicles and their
components.
The world’s most iconic and cutting-edge brand, well-known for the sake of putting customer experience and satisfaction in the first place turns to Blockchain technology to help revolutionize this process. Lamborghini with Salesforce Blockchain extends CRM—delivering a fast and easy way to build trusted partner networks that share verified, distributed data.
Each Lamborghini vehicle will now come with an immutable record of service. When sold, each car will now have a full digital record of its service history, including information on any restoration work it has had and its prior ownership, thus helping the car’s value to be retained by avoiding any potential counterfeiting in the second-hand car industry.
When a Lamborghini is resold, the vehicle often goes through 800 to 1,000 certification checks that take place at the Lamborghini headquarters in Sant’Agata Bolognese, Italy. Conducting these thorough inspections require Lamborghini technicians to work with a massive network of resources—photographers, auction houses, dealerships, repair shops, newspapers, magazines, and other media sources—to curate the full history and most importantly verify all of the parts and service of each unique vehicle.
Powered by blockchain technology, Lamborghini, a famous Italian manufacturer of luxury sports cars, is launching its first collectible digital stamps, the “Automobili Lamborghini Collection.”
The new collection is a series of collectible digital stamps dedicated to the history of the world’s most iconic luxury brand cars.
If you want to know more about Blockchain, check my previous blog posts:
- How Luxury fashion learned to Love the Blockchain
- Blockchain in the gaming industry
- Blockchain – the most optimal solution for healthcare
- Blockchain is the Next Big Thing for a reason
- Now it is time to open a cryptocurrency account
- Why investing in bitcoin is so appealing?
- Blockchain glossary you need to now?
- What exactly is a Blockchain?
Sources:
https://fintechnews.ch/blockchain_bitcoin/lamborghini-goes-blockchain-salesforce/31761/
A very interesting read.