Blockchain technology has come a long way, from its humble beginnings in 2009 to hogging the spotlight in recent years. Although the emerging technology has fallen behind artificial intelligence (AI) in recent years, blockchain use cases in the automobile sector are poised to reach new highs.
According to a report by Global Market Insights, the automotive blockchain industry could see a significant increase in market capitalization amid rising adoption metrics and technological advancements.
In 2023, the industry is valued at a little over $550 million, but the combination of several factors is expected to grow the market size to $4.1 billion by 2032. The giant leap translates to a compound annual growth rate (CAGR) of 25% over an eight-year period, buoyed by a raft of market trends.
Per the report, use cases around improving supply chain efficiency are touted to grow the industry’s market size. Early adopters lean on blockchain for “real-time tracking and vehicle authentication,” ensuring provenance for parts to prevent counterfeits.
One use case involves German car manufacturer BMW (NASDAQ: BMWYY) using blockchain to track the cobalt in its electric vehicle batteries from mining until its final application. In 2019, a company report disclosed that blockchain’s inherent characteristics of transparency and immutability have contributed in no small measure to ensuring compliance and “building stakeholder trust.”
Toyota (NASDAQ: TM) has since joined the fray by tracking spare parts with blockchain, racking up relative success along the way, and laying the foundation for advanced supply chain applications in the future. The report predicts a spike in the use of smart contracts in the industry to eliminate third parties in transactions while improving speed and transparency.
“These smart contracts minimize administrative expenses and increase transaction speed and transparency by automating payment settlements according to preset parameters,” read the report.
According to the report, the mobility segment is expected to be the largest driver of the spike, with commercial mobility leading the segment. Recent advancements in smart city projects could see the mobility segment contribute as much as $2 billion before the end of 2032.
Lopsided regional distribution
The report indicates that North America, particularly the U.S., holds a clear lead over the industry, with a nearly 35% market share. The region’s lead appears justifiable, given steady capital injections by a pool of institutional investors, forward-thinking policies, and support from regulators compared to other regions.
Outside of North America, Asia comes in second place, propped by advances in China’s automobile industry in areas of supply chain and reliance on smart contracts. Japan is also on the same path with Toyota, Honda (NASDAQ: HMC), and Nissan (NASDAQ: NSANY), contributing to the growth of the ecosystem.
Watch: Reviving the true value of blockchain—utility
good rx clomiphene order generic clomiphene online can i buy generic clomid without prescription cost cheap clomid without rx can i order cheap clomid without a prescription order clomid pills clomiphene pct
Facts blog you procure here.. It’s severely to find great status article like yours these days. I really respect individuals like you! Take vigilance!!
More posts like this would bring about the blogosphere more useful.
buy azithromycin sale – floxin 400mg drug purchase metronidazole online cheap
domperidone pills – tetracycline ca flexeril 15mg for sale
augmentin 1000mg usa – atbioinfo buy acillin generic
order generic nexium 20mg – anexa mate order nexium pill
oral coumadin – blood thinner buy cozaar 25mg generic
buy mobic 7.5mg pill – tenderness buy meloxicam no prescription
over the counter ed pills – best ed drug buy cheap generic ed pills
buy amoxil generic – order amoxil generic amoxil online order
fluconazole 200mg without prescription – diflucan 100mg sale diflucan 100mg brand
purchase cenforce pill – https://cenforcers.com/# order cenforce pill
online cialis no prescription – click how to get cialis without doctor
ranitidine 150mg canada – aranitidine buy ranitidine without a prescription
cialis how long does it last – tamsulosin vs. tadalafil tadalafil liquid review
where can i buy viagra in london – https://strongvpls.com/# sildenafil citrate 100 mg tab
This is the make of post I recoup helpful. online
The thoroughness in this draft is noteworthy. https://buyfastonl.com/furosemide.html
More peace pieces like this would insinuate the web better. prohnrg.com
I am actually thrilled to coup d’oeil at this blog posts which consists of tons of worthwhile facts, thanks towards providing such data. acheter du sibelium
This is a question which is near to my callousness… Myriad thanks! Unerringly where can I find the phone details an eye to questions? https://ondactone.com/product/domperidone/
This is the kind of topic I take advantage of reading.
purchase celecoxib online
The thoroughness in this section is noteworthy. http://www.haxorware.com/forums/member.php?action=profile&uid=394304
buy generic forxiga over the counter – site dapagliflozin online buy
orlistat online – buy cheap generic orlistat xenical over the counter