- Research shows that blockchain in the automotive industry is expected to plummet market value to a staggering USD 5.6 billion in a decade.
According to a research conducted by ResearchandMarkets, the global automotive blockchain market is anticipated to reach USD 428.57 million this year and is predicted to value at a staggering USD 5.6 billion by 2030, with a CAGR of 29.3%.
Automotive blockchain is essentially useful in storing data related to processes such as sales, warranty claims, and other services. The data recorded on the decentralized ledger is immutable and cannot be tampered with. Besides providing authenticity, blockchain tech helps in eliminating the middlemen and hence, cuts down operational costs considerably. Various startups such as Xain, NXM Labs, Inc and others are working in this field.
Blockchain is expected to play a major role in the transformation of the automotive industry in the coming years. The report stated that blockchain-based supply chain is expected to be the most profitable compared to the other segments. North America is believed to generate the highest revenue followed by Europe, LAMEA and Asia-Pacific. In the west, the USA is expected to register the highest CAGR in the given period.
While blockchain in itself can be used to improve many processes, the technology coupled with AI, IoT and big data is expected to have a bigger impact on the industry.
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