Today’s Indian government is focusing on bringing in environmentally friendly initiatives across different industries. And production and distribution of electric vehicles are one of them. However, the existing automobile industry faces certain issues that might become obstacles in the seamless adoption of electric vehicles at present. But as per the blockchain expert team, blockchain can accelerate the vision of electric-based vehicles taking over the automobile industry. It is because this advanced technology comprises a number of applications and capabilities that can help the automobile industry in numerous ways. So in this article, we will be exploring potential applications of blockchain technology that can benefit the production of electric vehicles in India.
Table of contents
- A detailed overview of blockchain
- List of ways blockchain technology accelerates the production of electric vehicles in India
- Secure Payment
- Protected Autonomous Data
- Ridesharing with decentralization
- Reliable sharing of car ownership
- Supply Chain Management
- Closing Thoughts
A detailed overview of blockchain
Blockchain technology is a type of database or distributed ledger that shares transaction data across a private or public ledger. Here, the members altogether perform the process of transaction verification through establishing a consensus mechanism. Furthermore, blockchain technology encrypts each piece of information while adding them into a new block over the network.
Also, note that blockchain networks leverage smart contracts to process a transaction automatically. These smart contracts come with a number of predefined conditions, and when a particular transaction meets them, the transaction processes automatically. Aside from this, blockchain can also track details of digital assets from their origin to the entire transaction journey. There is so much more to learn about blockchain and if you wish to do so, then opt for blockchain technology training. However, ensure choosing the right resources that offer the best blockchain courses available.
Blockchain technology can accelerate this initiative when it comes to the adoption of electric vehicles in India. According to blockchain expert professionals, blockchain has multiple technological capabilities that can smooth out the production process of electric vehicles in India.
List of ways blockchain technology benefits the production of electric vehicles in India
The financial convenience and security that blockchain can bring to Indian EV manufacturers is something to look forward to. As blockchain gives access to secure global funding, EV manufacturers in need of financial assistance can leverage it. Further, the inclusion of smart contracts will ensure borrowers and lenders are following all the terms and conditions of fund exchange.
Development of Self-driving electric cars
Block-chain can be useful in the development of improved self-driving electric cars in India. Blockchain technology will enable tracking and sharing of the details regarding the routes. Here details may include information about road quality, traffic conditions, and others. Further, it will allow other vehicles in the same network to access this data for their individual purposes. Once data reaches every car in the network, it will help train the self-driving cars’ algorithms.
As manufacturers will also be able to securely exchange localization information with one another. Also, due to the presence of encryption on block-chain data, only authorized parties will be able to access it in real-time. As different manufacturers will be able to verify data, hackers will find it hard to dominate the system resulting in a safe overall production of EVs in India.
Ridesharing with decentralization
We currently use multiple company-based applications to book both electric and non-electric rides from whichever locations we are. Regarding this, the blockchain expert team says that a combination of autonomous technology with block-chain can take ride-booking/sharing to another level. Here, block-chain can eradicate the need for any kind of intermediaries between drivers and riders.
Here, payment will depend upon predefined criteria programmed in a smart card. And it will process payment only when the customers reach their destination. Also, in place of arbitrary cancellation charges, when a passenger cancels a ride, smart contracts may provide a modest cash percentage amount to the driver’s account.
Reliable and transparent sharing of car ownership
Not only can sharing rides become simpler with block-chain solutions, but it can also make sharing of automobile ownership between users easier. One of the initiatives that block-chain can provide regarding ownership sharing includes the development of applications where users can request access to the car when in need.
Further, due to the integration of blockchain technology on this type of electric vehicle, tracking each activity of the vehicle when it was in use will become more accessible.
This framework will settle the payments depending on the terms and conditions defined by the owner. Further, blockchains encryption will contain all the information relating to the duration, distance, and usage of the car. Hence it will be convenient for all the involved parties. Moreover, no one will be able to manipulate the information due to the immutability of blockchain technology.
Supply Chain Management
The transparency that distributed ledger technology can bring in the electric automobile sector will ensure that manufacturing, shipping, and supply agencies have access to the same data. Hence it will eliminate the chances of any fake or counterfeit components.
More so, multiple blockchain networks can come in handy to manage the vast volume of data that automotive manufacturers and sellers produce and supervise on a daily basis. For example, quality inspection records, bills of lading, and others. Other blockchain networks might also store WIP data related to every assembly line from start to finish.
The blockchain expert team states the inclusion of smart contracts will help manufacturers automatically deliver sales orders to providers at defined phases of the production procedure. Hence, providers can take care of inventory in a more efficient manner, improving the overall supply chain of EV.
Blockchain, with its security and strong encryption, can be a critical technology that will support the production and distribution of smart electric vehicles in India. In fact, it has the ability to reshape the future automobile industries and the way they manage the information regarding ownership and financial data.
Check out the BLOCKCHAIN COUNCIL to learn more about the concept of blockchain technology.
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