Friday, March 31, 2023
No Result
View All Result
  • HOME
  • AI
  • EV
  • AR
  • VR
  • BIOTECH
  • CRYPTO
  • ROBOTS
  • SPACE
  • BLOCKCHAIN
  • STOCK LIST
    • VR STOCK LIST
    • BLOCKCHAIN STOCK LIST
    • EV STOCK LIST
    • CRYPTO STOCK LIST
    • SPACE STOCK LIST
    • AR STOCK LIST
    • FINTECH STOCK LIST
    • CLEAN TECH STOCK LIST
    • CLOUD STOCK LIST
    • BIOTECH STOCK LIST
    • CYBER SECURITY STOCK LIST
    • ROBOTICS STOCK LIST
    • IOT STOCK LIST
    • 5G STOCK LIST
    • AI STOCK LIST
    • 3D PRINTING STOCK LIST
  • MORE
    • 3D PRINTING
    • 5G
    • CLOUD
    • CLEAN TECHNOLOGY
    • CYBER SECURITY
    • FINTECH
    • IOT
  • CONTACT US
    • ABOUT US
    • CONTACT US
  • Login
  • Subscription
No Result
View All Result
No Result
View All Result
  • Login
  • Sign Up
  • Cart
Home BLOCKCHAIN

Blockchain and the Future of the Transportation Industry

disruptiveinvesting by disruptiveinvesting
June 10, 2021
Reading Time: 5 mins read
0
Blockchain and the Future of the Transportation Industry

The transportation industry is experiencing significant change as connected vehicles, autonomous cars and ridesharing impact the landscape. To stay competitive, industry leaders are constantly looking for opportunities to increase efficiency, improve security, reduce environmental impact and refine the customer experience. Luckily, blockchain has the potential to solve some of the sector’s most pressing problems.

RELATED POSTS

The Future Applications of Blockchain in the Pharma Industry

Future of Blockchain in Healthcare : Improving Current Systems

Real Estate and Blockchain : An Exciting Future Ahead

From verifying a vehicle’s history, better supply chain tracking, automating transactions, enabling seamless ridesharing or supporting fairer insurance, mobility enterprises are already integrating this technology and coming out with exciting applications.

Verification And History

Blockchain technology can prevent the age-old problem of mileage fraud through establishing a transparent, anonymous and manipulation-proof database for mileage. Telemetric data like mileage or battery levels can be uploaded autonomously via the vehicle or through a vendor, such as an autobody repair shop. Accidents and subsequent repairs or service and maintenance work could also be recorded in the blockchain. Having this extra layer of traceability could reduce fraud and significantly impact resale value.

Fairer Insurance

Blockchain technology enables the transparent and immutable logging of a vehicle’s sensor data in a decentralized network. Smart contracts allow this data to be processed and implemented into an insurance plan. Verifiable documentation via a blockchain black box could help resolve disputes after an accident. Peer-to-peer insurance solutions like Teambrella promise to guarantee payment to the customer in instances where an insurance event occurs. Other companies, such as Immediate, plan to make insurance more affordable and flexible for both insurers and customers by using smart contracts. The possibilities are endless, but insurance companies will need to overcome numerous regulatory and legal barriers before blockchain technology becomes the norm.

Blockchain and the Future of the Transportation Industry

Increased Automation

As new car generations roll out with advanced autonomous functions, automating payments and processes becomes crucial. Smart contracts have the potential to bolster automation in multiple ways. Reducing the need for barriers such as requiring credit cards and bank accounts could allow automated payments to happen seamlessly. Using smart contracts, settlements can happen behind the scenes, based on defined parameters. Within the leasing and financing space, smart contracts could provide the ability to deactivate the unlocking system of cars with outstanding lease payments.

Blockchain also offers value within the public transportation space, where bus depots can charge customers and track vehicles easier than ever before.

CAR OWNERSHIP

One of the biggest headaches of purchasing or leasing a car, besides negotiating with the dealer, is the financing process. In 2015, Visa partnered with DocuSign, a transaction management startup, on a project that uses Blockchain to streamline car leasing called “click, sign and drive.” Using this tool, customers would sign both the lease and an insurance policy entered in a Blockchain public ledger.. Blockchain technology can be used to create Smart Contracts which essentially eliminates intermediaries and streamlines the entire process.

Subscription
ADVERTISEMENT

Blockchain Smart Contracts Can Redefine Buying & Selling Cars

Using a Smart Contract, the agreement is written into code in the Blockchain. The parties within the contract are anonymous, but the transaction is part of the public ledger. When an event happens (such as the purchase or sale of the car or an expiration of a lease) it triggers the execution of the contract’s agreement instantaneously. Because of this, regulators can then evaluate the transaction while Blockchain maintains the privacy of the parties involved.

Smart Contracts can also help insurance services charge different rates based on the insured driving locations and conditions. Blockchain itself can help insurance companies process claims more efficiently. A Smart Contract can execute automatically at the time of an accident, providing the driver with a percentage of the claim owed and getting them back on the road while the claim can be processed in full.

LenderBot, a micro-insurance proof of concept developed by startup Stratum together with Deloitte and payment services provider Lemonway uses Blockchain technology to help people using home-sharing companies like AirBnB, Tujia, Wimdu to insure assets with a Smart Contract and Blockchain public ledger. If this is successful, they could tackle the complexity of auto insurance.

Blockchain-Verified Car Ownership Prevents Theft and More

Once the Smart Contract executes and you are the proud owner, the automated entry system recognizes you (or your designated drivers and riders) and unlocks the door and features of your new car. Based on the FBI’s Uniform Crime Report approximately $5.9 Billion was lost to automobile theft in 2016 alone. While criminals will always persist, Blockchain-verified ownership can deter theft by simply not allowing anyone not verified to drive the car to drive it away. In that same vein, Blockchain-verified ownership could make auto repossessions immediate and tragic for those who are chronically late in paying their bills.

One major bonus for everyone who has ever had to spend time at the Department of Motor Vehicles is that ownership papers and licenses could become lines of Blockchain code. Traffic cops in the future will no longer need to ask for your license or registration when you get pulled over. Car titles and driver’s licenses could become as quaint as rotary phones.

The Car That Pays For Itself

More and more we are able to pay tolls automatically through existing technology. But what if your insurance could be paid incrementally on demand and your car could pay to refuel or recharge itself? Blockchain can provide instant payment for all the services your car requires. Whether tolls, fees or repairs, your car would essentially be able to pay for itself without you and your wallet as the intermediary.

This opens up the possibility of your car being able to negotiate the cost of getting you to where you are going in the future. Booking its place on a highly-trafficked road or finding folks to rideshare, the possibilities are endless. Especially once autonomous vehicles hit the mainstream, your car could be out driving other people while you are at work, literally making money to pay for itself.

References

Transportation Industry – https://www.forbes.com/sites/forbestechcouncil/2020/03/11/how-blockchain-is-driving-new-opportunities-in-mobility/?sh=1e27b27343b5

CAR OWNERSHIP – https://medium.com/move-forward-blog/the-five-ways-blockchain-will-redefine-car-ownership-f2acb5568c77

Tags: BlockchainFuture of the Transportation IndustryTransportation Industry
ShareTweetShare
https://disruptiveinvesting.io/subscription/
disruptiveinvesting

disruptiveinvesting

Related Posts

The Future Applications of Blockchain in the Pharma Industry
BLOCKCHAIN

The Future Applications of Blockchain in the Pharma Industry

June 14, 2021
Future of Blockchain in Healthcare : Improving Current Systems
BLOCKCHAIN

Future of Blockchain in Healthcare : Improving Current Systems

June 14, 2021
Real Estate and Blockchain : An Exciting Future Ahead
BLOCKCHAIN

Real Estate and Blockchain : An Exciting Future Ahead

June 14, 2021
Insurance Claims Future : How Blockchain Will Disrupt This Industry
BLOCKCHAIN

Insurance Claims Future: How Blockchain Will Disrupt This Industry

June 11, 2021
The Future of Supply Chain and Logistics With Blockchain
BLOCKCHAIN

The Future of Supply Chain and Logistics With Blockchain

June 10, 2021
Blockchain Tech Can Revolutionize Food Safety
BLOCKCHAIN

Blockchain Tech Can Revolutionize Food Safety

June 10, 2021
Next Post
Blockchain Tech Can Revolutionize Food Safety

Blockchain Tech Can Revolutionize Food Safety

The Future of Supply Chain and Logistics With Blockchain

The Future of Supply Chain and Logistics With Blockchain

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

IoT and Clean Technology - Joining Forces Now and the Future

IoT and Clean Technology, Joining Forces Now and the Future

June 29, 2021
Government Support Will Make Electrification a Reality in the Near Future

Government Support Will Make Electrification a Reality in the Near Future

July 15, 2021
Why You Should Invest in Disruptive Technologies

Why You Should Invest in Disruptive Technologies

July 29, 2021

Popular Stories

  • Top 10 Disruptive Technologies

    The Top 10 Disruptive Technologies That Will Impact Your Future Life

    0 shares
    Share 0 Tweet 0
  • What Is Disruptive Technology?

    0 shares
    Share 0 Tweet 0
  • The Future of Cryptocurrency In The Next 10 Years

    0 shares
    Share 0 Tweet 0
  • 10 Real World Applications of Blockchain Tech

    0 shares
    Share 0 Tweet 0
  • 5 Scenarios 3D Printing Will Disrupt Our Everyday Lives In The Future

    0 shares
    Share 0 Tweet 0

Disruptive technologies are driving many of today’s important business trends. Our goal is to showcase trends that help investors re-imagine by identifying and financing businesses that use the disruptive technologies to solve global problems.

  • Home
  • Contact Us
  • Terms and Conditions
  • Privacy Policy
  • About Us

Best Categories

  • 3D PRINTING
  • 5G
  • AI
  • ALL
  • AR
  • BIOTECH
  • BLOCKCHAIN
  • CLEAN TECH
  • CLOUD
  • CRYPTO
  • CYBER SECURITY
  • EV
  • FINTECH
  • IOT
  • ROBOTS
  • SPACE
  • VR

© 2021 Copyright PredictAny, LLC - Disruptiveinvesting.

No Result
View All Result
  • 3D Printing
  • 3D Printing Stocklist
  • 5G
  • 5G Stocklist
  • About us
  • AI
  • AI Stocklist
  • AR
  • AR Stocklist
  • BIOTECH
  • BioTech Stocklist
  • BLOCKCHAIN
  • BlockChain Stocklist
  • Cart
  • categories
  • Checkout
  • Clean Technology
  • CleanTech Stocklist
  • Cloud
  • Cloud Stocklist
  • contact us
  • CRYPTO
  • Crypto Stocklist
  • Custom page
  • Cyber Security
  • Cyber Security Stocklist
  • dummy1
  • EV
  • EV Stocklist
  • FinTech
  • Fintech Stocklist
  • Home
  • IoT
  • IOT Stocklist
  • Main
  • My account
  • Privacy Policy
  • Robotics Stocklist
  • ROBOTS
  • Sample Page
  • Shop
  • Space
  • Space Stocklist
  • Subscription
  • Terms and Conditions
  • Test 20
  • Thank You
  • trending tags
  • VR
  • VR Stocklist

© 2021 Copyright PredictAny, LLC - Disruptiveinvesting.

Login Account

CREATE A NEW ACCOUNT? SIGNUP

Login your account using social account

Facebook
Google
Linked In
OR

Forgotten Password?

Create New Account!

ALREADY HAVE AN ACCOUNT? LOGIN

Sign up a new account using social account

Facebook
Google
Linked In
OR

By clicking below to sign up you agree to receive emails from considering and its affiliates and accept our Terms of use, Privacy Policy, and cookies policy.

All fields are required.

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?