The automotive industry is undergoing radical transformation, and blockchain technology has the potential to bring efficiency and enhance value generation across the entire sector, from factory production of road cars to the premium motorsport supercars.
Had blockchain technology been available to Toyota at the time, this could have enabled a targeted response to the crisis with every component and product being traceable, with product recalls and compensation efficiently processed. AAdditionally, by monitoring and verifying materials and components, a blockchain-based supply chain management system ensures precise record-keeping and provenance, allowing the entire history of a product, from its origin to its current location, to be traced.
For instance, our company partnered with Influx Technology to implement blockchain tech for real-time data analysis in a McLaren Artura GT4 during the testing day at Circuit de Spa-Francorchamps.
Initial costs might be considerable, involving IT infrastructure upgrades, new systems hardware and software development.
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