ARMONK, N.Y., Dec. 12, 2018 /PRNewswire/ -- A new IBM
(NYSE: IBM) study estimates that 62 percent of automotive
executives believe blockchain will be a disruptive force in the
auto industry by 2021. However, the research also finds that only a
small percentage of OEMs and suppliers are currently ready for
blockchain or have a greater perception that blockchain solutions
that are ready for commercial use.
The new study, "Daring to be first, How auto pioneers are
taking the plunge into blockchain," developed by
the IBM Institute for Business Value (IBV) in
collaboration with Oxford Economics, is the result of a survey with
1,314 automotive executives (OEMs and suppliers) across 10 business
areas and 10 countries including China, Germany, India and the United
States.
The global data revealed finance, supply chain and mobility
services as top areas where blockchain could be beneficial.
However, aftersales, the secondary market
of the auto industry, concerned with the manufacturing,
distribution, retailing, and installation of all vehicle
parts, also rated high for OEMs in China, Germany and Mexico. Currently part traceability throughout
the lifecycle of a vehicle is very limited, which means counterfeit
parts could be used by service centers in some markets.
Implementing blockchain-based solutions in the automotive supply
chain could solve some of the issues around recalls, fake products
and consumer safety.
The report also highlights how blockchain will introduce
improvements and operational efficiencies in areas such as
financial transactions between ecosystem participants,
authenticating access to cars and customer experience and loyalty.
It also finds that:
- 54 percent of executives expect new business models to
influence investments in blockchain.
- At least 50 percent of the OEM executives in each country
believe that blockchain solutions will have a high impact on fleet
management services.
- 55 percent of OEMs and 47 percent of suppliers say implementing
blockchain will improve imperfect information in their business
networks.
"We are in the very early stages for blockchain in auto, but
there lies huge potential," said Ben Stanley, Automotive
Research for IBM's Institute of Business Value. "In 2019 we expect
to see blockchain start to really take off, particularly with
secure data sharing, car and ride share transactions and in-vehicle
marketplaces."
IBM's research reveals a group of auto pioneers -- 15 percent of
all those surveyed -- that are already forging ahead with
blockchain, and many plan to implement their first commercial
networks at scale within the next three years.
Organizations like the Mobility Open Blockchain Initiative
(MOBI) are already exploring the use of blockchain to help
make mobility safer, more affordable and more widely accepted. Some
of MOBI's initial projects are focusing on secure mobility
commerce; usage-based mobility pricing and payments; and vehicle
identity, history and usage.
"The auto industry is in a position that it needs to gain
efficiencies right now," said Chris
Ballinger, CEO and Founder at MOBI. "With its promise
of making mobility safer, greener, and more accessible, blockchain
has the potential to strengthen trust and collaboration among
businesses, consumers and even vehicles."
About IBM
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Contact:
Jeannine Kilbride
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SOURCE IBM