While the financial sector has been using the blockchain for a couple of years, automotive businesses are only discovering new advantages of this technology. The auto industry is entering a new age of digitization that will significantly change everything we are used to with blockchain technology revolutionising the automotive industry. Two use cases that have enormous potential in the area of spare parts and warranty. Counterfeit Avoidance Car manufacturers are concerned that service centres…
While the financial sector has been using the blockchain for a couple of years, automotive businesses are only discovering new advantages of this technology. The auto industry is entering a new age of digitization that will significantly change everything we are used to with blockchain technology revolutionising the automotive industry. Two use cases that have enormous potential in the area of spare parts and warranty.
Counterfeit avoidance
Car manufacturers are concerned that service centres and garages in certain markets are knowingly (or otherwise) fitting counterfeit spare parts to their customers’ vehicles. Counterfeit parts jeopardise the manufacturer’s brand reputation when they underperform or even worse, cause accidents.
Having A Blockchain-based system connected with IoT sensors and smart devices would enable the service centre, the car manufacturer and the customer to trace the provenance of spare parts back through every step in the supply chain to their original manufacture date and location.
Currently, it can be a difficult and costly exercise for a Warranty team to identify if a warranty claim has been made against a genuine part or if the part in question is counterfeit, grey market or end-of-life. Using a Blockchain system that provides full traceability of part history will make it easy for the Warranty team to identify counterfeits quickly. Over time this will deter fraudulent behaviour and reduce warranty costs.
Recalls that are more efficien
