Industry Voices: What Can Blockchain Do For The Automotive Industry?

Blockchain is a digital transaction ledger that creates a growing list of records called blocks, which are then sealed and linked using cryptography. It is a distributed database that can efficiently record transactions between two or more parties in a permanent and verifiable way. Automotive manufacturers are increasingly using private blockchains, which allow a single authority or organization to retain control and require proper authentication to enter the network. Private blockchains offer the distributed benefits of public blockchains, while improving privacy and eliminating illicit activities.