Since the robust growth of technologies, the automotive industry is climbing the ladder of innovation rapidly. Be its automotive manufacturing, Original equipment manufacturers, procurement vendors, or automotive ownership dealers; technology is accelerating every aspect.
With the growing digital transformation trends, customers' demands regarding the automotive industry are growing substantially. Companies and manufacturers need advanced technologies to stay productive in this competitive era to cope with the ongoing trends.
Be it managing the business-sensitive information, onboarding new customers, ownership transfer, or OEM procurements, blockchain can streamline everything. This distributed-ledger technology helps with better scalability along with optimizing the overall operational cost.
On this note, check out future-focused blockchain applications that disrupt the automotive core and allow owners to do more in less time. Regardless of organization or startup size, this peer-to-peer technology can help business owners take the lead in the market and make their business future-proof.
Smart contracts reduce manual work
In this post-corona era, where everyone works with reduced resources, automation is the only resort to overcome business challenges. Smart contracts can help automate several manual-intensive tasks that are highly expensive and time-consuming.
These bespoke-made smart contracts can help automakers automate the identification, verification, and aggregation of documents in a seamless manner. Earlier, companies needed to hire several teams to manage several aspects of a single process. But with these blockchain-based contracts, these manual processes are easier to put on automation. We at SevenBits help automotive companies identify and transform time-consuming manual processes with blockchain.
Blockchain for seamless financing
Every automotive business needs to deal with a ton of financing activities regardless of its size. Companies heavily rely on third-party services and internal finance teams to execute the essential financial activities and transactions. These dependencies increase both workload and operational expenditures.
But, with blockchain integration, the finance process becomes more manageable and transparent. As every associated party can view transactions, it improves the trust and productivity of the business. Whether your company deals in B2C or B2B domain, blockchain can help with faster financial management.
With this advanced technology, auto companies can leverage the benefits of Know Your Customer [KYC] and Anti-Money Laundering [AML] regulations. Regardless of financial activity size, this technology can deliver robust and uninterrupted services.
Safer ownership transfer
Ownership transfer is not only limited to vehicles; it also applicable to OEMs and supply-chain processes. However, the ownership transfer is a daunting process, and even the slightest manual error can delay the operations. As blockchain offers faster verification and validation of owners' data and documents, companies can save both money and time.
With each country and even states have its dedicated transfer protocols, manually keeping up with them is highly prone to errors. On the other hand, this decentralized technology can perform the validation task in an error-free manner and accelerated performance. Blockchain can transform the complete ownership transfer process with improved security enhancements. SevenBits' Blockchain Center of Excellence (CoE) team can help migrate older systems into modern automated systems.
Supply chain management
The automotive industry has a complex and widely-networked supply-chain distribution which is often intricate to manage. Blockchain integration with existing supply chain management systems can help business owners detect and fix flaws in the system with a faster turn-around.
Businesses can speed up their internal and external supply chain executions by leveraging a bespoke blockchain solution. As most things are automated, companies need to spend less on training new staff and engineers. From product inception, development, distribution, and retailing, blockchain makes doing business at every touchpoint easier. Supply chains often face issues regarding data and product inventory redundancy. Smart contracts can help in eliminating these duplicacy issues in real-time to minimize the delay.
As the business grows, complexity also increases, affecting the internal teams and business partners' overall productivity. To ensure everything executes correctly and transparently, SevenBits can help in integrating dedicated supply-chain management solutions. Once companies streamline their supply chain, it becomes easier for them to scale their business across the globe.
Want to know more about how blockchain applications can help your automotive company? Get in touch with us at [email protected] to dive into seamless & robust growth possibilities. Our expert team is equipped with the latest technology trends and 7+ blockchain development frameworks. Get started with SevenBits blockchain development services to thrive online.