Assessing the feasibility of Blockchain Technology in Automotive Industry

Abstract

Blockchain is a decentralised, distributed public ledger that has recently garnered enormous traction. The automotive industry, one of the most profitable markets worldwide, is undoubtedly responsible for the transformations in modern civilisation over the past century. This paper primarily focuses on the issue of the complexity of existing technologies in the field and the possibility of applying Blockchain technology as a replacement in the automotive sector. In addition, the researcher has considered compatible precedents for identifying lacunae in the existing technologies. As a result, the adoption of Blockchain technology provides access to a wide range of potential automotive applications that can develop modern business models moreover even transform the established automotive partaking economy. Further, after examining the advantages, limitations, opportunities, and risks, some suggestions are made to guide enterprises and researchers in future advancements in the cyber-resilient automotive sector.