A new study conducted by IBM reveals that 62% of surveyed automotive executives believe that blockchain will be a disruptive force in the auto industry by 2021.
The new study, titled “Daring to Be First: How Auto Pioneers are Taking the Plunge into Blockchain” was developed by the IBM Institute for Business Value (IBV) in collaboration with Oxford Economics. It surveys 1,314 automotive executives (OEMs and suppliers) across 10 fields and 10 countries including China, Germany, India and the United States.
The report also highlights how blockchain will introduce improvements and operational efficiencies in areas such as financial transactions between ecosystem participants, authenticating access to cars and customer experience and loyalty.
- 54% of executives expect new business models to influence investments in blockchain.
- At least half of the OEM executives in each country believe that blockchain solutions will have a high impact on fleet management services.
- 55% of OEMs and 47 percent of suppliers say implementing blockchain will improve imperfect information in their business networks.
- 15% of employees surveyed said that they are already forging ahead with blockchain.
“We are in the very early stages for blockchain in auto, but there lies huge potential,” said Ben Stanley, Automotive Research for IBM’s Institute of Business Value. “In 2019 we expect to see blockchain start to really take off, particularly with secure data sharing, car and ride share transactions and in-vehicle marketplaces.”
Organizations such as the Mobility Open Blockchain Initiative (MOBI) are exploring the use of blockchain to make mobility safer, more affordable and more widely accepted. “The auto industry is in a position that it needs to gain efficiencies right now,” said Chris Ballinger, CEO and Founder at MOBI. “With its promise of making mobility safer, greener, and more accessible, blockchain has the potential to strengthen trust and collaboration among businesses, consumers and even vehicles.”