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Automotive Blockchain Market 2021 Analysis, Size, Share, Strategies and Forecast to 2026

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Automotive Blockchain Market 2021 Analysis, Size, Share, Strategies and Forecast to 2026

August 04
14:49 2021
Automotive Blockchain Market 2021 Analysis, Size, Share, Strategies and Forecast to 2026

Automotive Blockchain Market
Automotive Blockchain is expected to fuel the growth of the market over the forecast period. However, decreasing demand for the Automotive Blockchain in matured countries such as Japan and the U.S. is expected to hinder the growth of the Automotive Blockchain Market to some extent from 2021 through 2026.

Automotive Blockchain Market Overview:

Global Automotive Blockchain Market is defined as a publically accessible and transparent technology that practices decentralized unanimity to maintain a network. The lack of central control by entities such as corporations, governments, or banks introduces high-security levels in data transmission. Several sectors, such as BFSI, manufacturing, telecom, and healthcare, are deploying this technology to gain cost and accountability advantages.

Get a Sample Copy of this report with the latest Industry trends and COVID-19 Impact: Blockchain-Market/request-sample

The Major Players Covered in this Report: Accenture, IBM Corporation, Microsoft, Carvertical, Helbiz, Tech Mahindra, HCL Technologies, Xain, Cube, Context Labs, Foam, GEM, RSK Labs, Carblock, NXM Labs, Bigchaindb, Dashride, and Consensys., & more…

Automotive Blockchain Market Segmentation:
By Function: Smart Contracts, Supply Chain, Financing, Mobility Solutions, Others

By Provider: Middleware Provider, Infrastructure & Protocol Provider, Application & Solution Provider

By Mobility Type: Personal Mobility, Shared Mobility, Commercial Mobility

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Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Automotive Blockchain in the APAC Region:
Asia-Pacific region is anticipated to hold the largest market share in the global Automotive Blockchain market during the forecast period 2020-2026. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia.

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  • The Need for Blockchain Technology in the Automotive Sector:
    The automotive industry not only stands tall in the race of innovation but also is one of the early adopters of advanced technologies. This nature of the sector, combined with the constant need to meet consumer requirements and sustain competition.
  • Vehicle Recalls: 
    Automotive manufacturers recall vehicles in the case of defects, which are flagged by customers. These recalls are a proactive measure for road safety and, as an added benefit, they enhance customer loyalty
  • Claim Processing:
    The procedure of processing insurance claims in the automotive sector is slow and complex in nature, which directly hampers the parties involved, namely the insurers and policyholders. However, the smart contract functionality of blockchain technology can help establish a string audit trial for streamlining and automating the process at a later stage, resulting in the easy and quick processing of insurance claims.
  • Counterfeiting:
    The counterfeiting of spare parts by service center owners and garages is a key challenge in the automotive sector. Customers are attracted to counterfeits for the low prices, which takes away from OEMs’ profit margins.

Benefits of Blockchain:

  • Append-only data structure prevents alteration or deletion of data
  • Data transactions are recorded chronologically; all blocks in the blockchain are time stamped
  • Decentralized nature allows recording of data transactions in the millions of computers actively participating in the chain — preventing data recovery or loss
  • The need to meet several protocols so as to validate every single entry in the process of data transmission reduces the risk of duplicate entries or fraud
  • Smart contracts enable businesses to pre-set conditions on the blockchain, making it flexible to use

Would you like to discuss Automotive Blockchain Market challenges with the experts at Straits Research?

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