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Blockchain technology is making its way into the automotive industry

You may have heard about blockchain technology and how it has become an important gamchanger for many. Blockchain has begun to change the entire automotive industry and digital advantages wait for those in the industry who see it and start to adapt to the technology.

To get to the bottom of this, we interviewed our very own experts, Business Designer Tomas Roaldsnes and Janko Lind, Vice President for Industries in Sweden.

A technology both ethical and moral

According to Tomas, blockchain is a technology that is both ethical and moral. As he sees it, technology in general changes the way we trust each other, so many industries would benefit from adopting to this technology.

"Blockchain is the technology that distributes databases. You could say that Google Docs was the first blockchain technology, simply because in a Google Docs document all invited parties can open, add, edit and even delete text. Any changes made by individuals can be saved until the document is deleted, at which point all traces and data are also deleted, which is brilliant," says Tomas, and adds: "But of course it's important to keep in mind that blockchain meets just one specific need; it can’t save the world from all disasters."

Blockchain and automotive- a great match

Blockchain may not be able to bring peace on earth, but it can most definitely change the future for lots of industries. Those who chose to adapt to the technology may also be the disruptors who lead the industry to a greater future. According to Janko Lind the automotive industry is one of those who have lots to gain to embrace the possibilities. Janko has worked for EVRY for almost 15 years. He is a true enthusiast of the automotive industry to the extent that he in his spare time runs a car his own YouTube channel connecting with other car enthusiasts. He truly believes that blockchain is the technology that can take the car to the next level.

Carsharing made trustworthy with blockchain

"If we look back just a couple of years, we can see that a lot has happened when it comes to car ownerships. The car has gone from being restricted to its owner to become more of a marketplace due to the amazing technology of blockchain.

This means that we can share the concept of being mobile with others and make everyday life more efficient. The person who lets someone else unlock his or her car can do it without worrying about being exploited, and all this thanks to blockchain technology," says Janko, and adds:

"Let’s say you park your car and no longer need to use it for a while. Instead of just taking up a parking space you can rent it out to someone else in need of a car in your area. However, you want control over who has access to it. Now you can, by setting up a smart contract using blockchain technology that allows you to set the rules. For example, that the driver must have held a driving licence for 10 years or that the car may not leave the city or another area of your choice. The contract is then distributed to a lending pool, which provides the right individual, who needs to accept your terms and conditions before they can hire your car."

Important to allow freedom under secure conditions

The automotive industry has taken a turn where old technology has been replaced by smart technology, easily controlled by the smartphone. This has made mobility more efficient and according to Janko, the car industry needs to rethink and start addressing the users and their needs. Janko is convinced that blockchain can help the car regain its status as a symbol of freedom:

"At EVRY we have an excellent platform for making transactions secure. Carpooling is not just about having a car available but also about making sure it works – and that's where we come in."

Blockchain makes it possible for the car industry to rapidly set up digital contracts between partners. Here at EVRY, Project Snowflake is a blockchain option that we provide for securely gathering all personal data into one single location and can be used effectively when renting a car.

Learn more about blockchain

How, can Blockchain technology impact the Automotive Sector? In our webinar we expand your view on how the Blockchain-based identity revolutionizes interaction between humans and technology as well as between different devices. Read more and sign up here!