Spanish automobile manufacturer SEAT announced last week that it was joining a consortium of blockchain operators on the Alastria ecosystem.
The company is currently developing a system that tracks automobile parts via the supply chain, leveraging its partnership with Telefónica.
The company has said that it is joining the consortium of over 70 companies drawn from a host of heterogeneous industries and financial institutions, to tap into the network of resources available to the members of the group. President of SEAT Luca de Meo has said that “the Alastria network opens up new possibilities,” one through which they can scale up their blockchain development from the early stages.
According to the post, it plans to promote initiatives that “optimize traditional processes” in finance. The efforts currently being channeled by the company into the development of the technology is due to the fact that it values the future of blockchain. Luca made this clear when he said: “We are convinced of the importance that Blockchain technology will have in the future.”
In recent times, more traditional companies have begun to show interest in cutting-edge technology such as the blockchain, especially when combined with other technologies. It is possible that as the speculative hide gradually exfoliates, the true value of the blockchain technology becomes more profound. SEAT is just one of many companies out there diving into the sector as part of the revolutionary 4th industrial era.
Even though the blockchain industry is about a decade old in terms of its development, many companies are just recognizing the technology as nascent. They may have been waiting and watching to see how it develops over time and are now ready to join the ecosystem.
However, while some are just trying to get a piece of the action and are heavily invested into researching various industrial use cases for the distributed ledger, others have made headways into including them in their core processes. This includes areas such as ethical food tracking being trialed by the WWF group, systems for commodities trading being developed by five global oil giants, facilitation of government processes, and a host of banking integrations.
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