The
number of vehicles on the road has increased severely over the past
few years. People are spending on luxury and owing a car/vehicle is
one of them. Some invest in a new car while many also spend on used
vehicles to simplify their life. Today, buying a new car and car
lease are the two top use case of the automotive industry. However
both the process has always cumbersome, and due to increasing number
of incidences like theft of vehicle and crimes all around using the
stolen vehicle, the industry has been in need of a system that could
keep records and process clean and transparent to all.
The process of registration of a new vehicle or transfer of a used car is a time-consuming activity. Multiple parties are involved in the process thus the procedure poses a risk of information manipulation, data duplication, and various errors. All such factors invite critical vulnerability in critical information which leads to frauds and data tampering or even become non-traceable.
A blockchain based system in vehicle registration process can address a lot of these issues quickly. If we bring vehicle registration process on to blockchain network, the technology would enable greater transparency and reduce the average turnaround time. The blockchain is a distributed ledger-based system that keeps immutable records. This enables data update only by an authorized person using the private key. Additionally, this innovative technology also displays if incidences like tampering of data performed over it. Through the BlockchainDevelopment Services, it is possible to keep the records safe and immutable. This enables multiple parties in the vehicle registration process get access to an end-to-end view of the process and vehicle lifecycle.
Vehicle registration is one of the use-cases of the automotive industry, and this innovative technology holds the potential to foster varied workflow activities to be automated significantly. It reduces the human intervention and let them focus on tasks like perform sampling and assess exceptional vehicles that raised warning flags. Together it will lead to lesser registration time, generate significant cost savings for all parties involved.
Another popular trend among automotive industry is car leasing. Since the trend is flourishing all around, the number of frauds also increasing day by day. Car leading also requires transparency of information. A consumer auto finance provider can't recognize the driving behavior of its car drivers and vehicle's true service history until it's recorded somewhere safely. Implementing a distributed ledger system in the scenario would empower driving behavior events, safety events, and administration events to get sent to a collective record that all parties approach, including the proprietor/leaseholder.
Transparency of data about a vehicle's actual wear and tear would enable the auto finance provider and buyer a sense of safety and satisfaction for the money invested. Keeping in view the several advantages Blockchain could bring, the automotive industry has begun investing in blockchain development. If you also keep a breakthrough idea about an application that could transform the operations have been happening in the automotive sector, HireBlockchain Developers from OnGraph today.
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