How Technology Is Transforming The Auto Industry

As the blockchain technology continues to develop so too does it make its way into the automobile space. In fact this year is set to be one of the craziest years for the auto market then many years with breakthroughs across multiple disciplines. With policies around the world leaning towards a greener energy use it has now began to really make changes with the focus of technology in cars.

What Is Vehicle Connectivity?

Vehicle connectivity is the term used to describe the various ways in which a car can connect to other devices, both inside and outside of the vehicle. This can be anything from connecting to your smartphone to use apps on the go, to connecting to a central computer system that monitors and manages multiple vehicles. This feature can help drivers by providing real-time traffic updates, or by automatically calling for help in the event of an accident.

How Can The Blockchain Change Cars?

The potential implications of blockchain technology for the automotive industry are far-reaching and have the potential to revolutionize the way we interact with our vehicles. One of the most promising applications of blockchain in the automotive space is its use in creating a decentralized, tamper-proof database of car ownership and maintenance records. This would allow car owners to easily transfer ownership of their vehicles without having to go through a central authority, and would also make it possible to track a car’s maintenance history in a way that is secure and tamper-proof.

Another potential application of blockchain technology in the automotive space is its use in creating a decentralized platform for ride-sharing. Currently, ride-sharing platforms like Uber and Lyft are centralized, which means that they are controlled by a single company. This can lead to problems like surge pricing, where prices increase during times of high demand. A decentralized ride-sharing platform would allow multiple companies to compete for customers, leading to lower prices and a better experience for users.

With worldwide blockchain technology spending hitting $6.6 billion in 2021 this field is set for extraordinary growth.¹ The blockchain is a distributed database that allows for secure, transparent and tamper-proof transactions. This makes it the perfect technology for use in the automotive industry, where trust is paramount. With the help of blockchain, the automotive industry can move towards a future that is out of the hands of too much authoritative bodies.

Artificial Intelligence For Car Use?

The blockchain is not the only technology that is set to change the automotive industry. Artificial intelligence (AI) is another cutting-edge technology that is being used in a variety of different industries, and the automotive industry is no exception. AI can be used for a variety of different applications in the automotive space, including helping drivers to avoid accidents, improving fuel efficiency, and even providing a concierge service that can make reservations and book appointments on behalf of the driver.

AI is already being used by a number of different automakers, including Tesla, which uses AI to power its Autopilot feature.² This hands-free driving assistance feature uses a combination of sensors and cameras to give the car the ability to drive itself, and Tesla has plans to roll out fully autonomous cars in the near future. AI is also being used by a number of different startups to create aftermarket products that can retrofit existing cars with self-driving capabilities.

Automotive Over The Air or OTA?

One of the most important aspects of the connected car is over-the-air (OTA) updates. OTA updates are essential for keeping a car’s software up to date, and they can be used to fix bugs, add new features, or improve performance. OTA updates are typically delivered wirelessly, and they are usually initiated by the car’s manufacturer. Some automakers are already using OTA updates to deliver new features and improve the performance of their cars. Tesla, for example, has used OTA updates to add new features to its cars, including the ability to open and close the car’s doors using a smartphone, and the ability to automatically update the car’s firmware to improve performance and fix bugs.

What Does All This Mean For You?

Well don’t get too stressed out that you won’t be enjoying your loud exhaust petrol cars because these changes will not happen over night. It may be a few years before we start to see blockchain and AI have a big impact on the automotive industry. In fact , it may be a few years before we start to see the full potential of these technologies. However, one thing is for sure: the future of the automotive industry is looking very exciting, and blockchain and AI are two technologies that are set to play a major role in shaping that future.

Reference:

1. https://www.zippia.com/advice/blockchain-statistics/
2. https://www.tesla.com/AI