Low operating costs drive growth
DUBLIN, 5 May 2023 /PRNewswire/ — “Automotive Blockchain Market – India Industry Size, Share, Trends, Opportunities and Forecast, 2018-2028 Segmented by Application (Manufacturing, Supply Chain, Mobility Solutions, Financial Services, Others), By Mobility, By Vendor, By End User, By region” report has been added ResearchAndMarkets.com’s Offering.
The India the automotive blockchain market is expected to witness a growth of robust CAGR during the forecast period, FY2024-FY2028.
- Microsoft Corporation
- BigchainDB GmbH
- IBM Corporation
- SHIFTMobility Inc.
- HCL technologies
- NXM Labs Inc.
- Accenture plc
- Helbiz, Inc.
- CV Group UAB
- CarBlock Corp.
Increased demand for automotive blockchain technology for logistics and transportation, insurance, secure transactions, and benefits such as low operating costs and improved security are expected to be the key drivers for India’s the automotive blockchain market for the next five years.
Blockchain technology improves data security in cars
Blockchain technology stores the blocks of data, and these blocks are linked to each other using the cryptography technique. It is considered a safe and secure network as it keeps the data stored in different blocks. Data is protected from data loss and leaks as each block used in the process contains the cryptogenic hash of the previous block and time and transaction details.
Authentication is required to access data stored in blocks using blockchain technology, including secure communication networks and secure blockchain technologies. With the growing demand for connected vehicles and automotive automation technology, automotive blockchain technology is expected to grow at a significant rate over the next five years.
Blockchain technology improves transaction processes
Automotive blockchain technology is highly secure and provides enhanced security and real-time processing, improving the overall consumer experience. It removes the need to hire a broker to take care of each transaction and maintain a proper record of the same.
Blockchain technology stores all information and has a higher accuracy than other technologies. Logistics and transportation information can be easily maintained by automotive blockchain technology. Growing awareness of the benefits of adopting blockchain technology along with the availability of high-security collateral transactions is expected to bolster the demand for the Indian automotive blockchain market during the forecast period.
Blockchain technology for cars optimizes ownership costs
Car companies used to hire dedicated people or third parties to store important data related to cars.
Automotive blockchain technology is used to efficiently store and manage records of the processes related to cars. Operating costs, sales data and insurance and warranty claims are important information stored using automotive blockchain technology.
Adoption of blockchain technology by automobile companies to reduce the expenses incurred in maintaining and hiring employees to complete the work. The need to lower operating costs and make the process cost-effective is expected to fuel the growth of India car blockchain in the forecast period.
In this report, India The automotive blockchain market has been segmented into the following categories, in addition to the industry trends also described below:
India Automotive Blockchain Market, by Application:
- Supply chain
- Mobility solutions
- Financial services
India Automotive Blockchain Market, by Mobility:
- Personal mobility
- Shared mobility
- Commercial mobility
India Automotive Blockchain Market, by Vendor:
- Application and solution
- Infrastructure and protocol
India Automotive Blockchain Market, by End User:
- Car owners
- Mobility as a service provider
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