Blockchain Adoption in Automotive Industry benefits insurers

Posted on 2019-10-23 by Mark Hub in Retail, Technology // 0 Comments

Albany, USA, 2019-Oct-23 — /EPR Network/ —

Blockchain technology has been adopted as an innovative approach in automotive industry that possesses the potential to transform services, products and processes. It assists in executing transactions and managing data with great reliability and accuracy. An intelligence report titled, “Blockchain Adoption in Automotive Industry” is the source of all the stated insights. This report is the latest addition to Market Research Hub’s ever growing repository. Automotive industry is presumably one of the most sophisticated, extensive and technologically advanced industry that has transformed society with innovations such as augmented reality and robotics. Blockchain adds to the existing technological feat in automotive domain with its positive attributes that include data security, traceability, integrity, transparency, privacy and operational efficiency.

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E-mobility trends

E-mobility and on-demand services have become trend, impacting customer behavior. Increase in demand of cheap and eco-friendly automotive solution compels automotive business leaders to increase their data appetite and embrace technological advancements in logistics and mobility services. Autonomous and automated driving has helped the transport segment to reach new paradigms. Fragmented nature of value chain hinders the fast progress, slowing down delivery and purchase of vehicles along with other challenges that include solving customer complaints, mismanagement of purchase needs and vehicle components verification.

Enhanced verification and vehicle management

Blockchain is capable to transform the existing processes in an organization and make it more robust. Improvements in verification process, improved vehicle management and incentives, and advanced payments & finance solutions constitute three major use cases of block chain in automotive sector. Blockchain based solution supplements verification processes by storing and verifying various data including supplier details and vehicle parts information. Customer-dealer purchase details, vehicle data, payments in purchase, vehicle location and agreement terms form a part of automotive supply chain information stored and managed by blockchain solution.

Insurance firms have benefitted by blockchain as it enables them to create personalized insurance contracts and automate the financial transactions involved. Blockchain solutions positively affect various aspects of business including revenue growth, operating margins, asset efficiency and future expectations. Automotive industry foresees bigger blockchain opportunities in future by using seamlessly integrated multiple blockchain working together to form one value chain.

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Blockchain adoption in automotive industry: Report Synopsis

Quantitative and qualitative assessment exhort intelligence and overarching report on the Blockchain adoption in automotive industry. Further, the report thoroughly delineates various aspects of the market that will potentially have considerable influence on the development of the Blockchain adoption in automotive industry. As such, those aspects incorporate drivers, trends, restraints, and opportunities. Furthermore, the report elucidates segregation of the market that provides an exhaustive analysis on blockchain adoption in automotive industry.

An insightful and deep-dive assessment of the competitive assessment of the Blockchain adoption in automotive industry pins hope on Porters’ Five Force Analysis. Accordingly, the Porters’ Five Force Analysis offers a pressing analysis on the potential strategies of the preeminent players in the Blockchain adoption in automotive industry. In addition, the business strategies counts on company overview, product portfolio, SWOT analysis, key differentiation and recent development.

Blockchain adoption in automotive industry: Research Methodology

Primary sources and secondary sources propel intelligence report on Blockchain adoption in automotive industry that provide deep dive analysis on the market. As such, the report provides reliable and unbiased projections, and assessments which have palpable impact on the market size and historical data. Besides, the report also counts on primary sources which hinges upon in-depth and intelligent analysis from well-grounded and reliable experts, telephonic interview, and a thorough assessment from surveys and seasoned analyst.

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