Automotive Blockchain Market to Witness the Highest Growth Globally in Coming Years
The global automotive blockchain market is
projected to grow at a considerable rate during the forecast period. This can
be mainly attributed to the benefits offered by the blockchain technology in
the automotive industry, such as real-time monitoring, auditability, and
scalability of information. The application of blockchain in various automotive
functional areas is on the rise, as automotive original equipment manufacturers
(OEMs) continue to invest in the technology to uncover its potential in the
industry.
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On the basis of application, the automotive
blockchain market has been categorized into manufacturing, supply chain logistics,
retail finance and leasing, mobility solutions, and others. Of these, the
market for mobility solutions is expected to witness significant growth in the
coming years on account of the rapidly growing shared mobility industry, rise
in the consumer demand for advanced mobility services, and inclusion of
blockchain in automotive business models.
The global automotive blockchain market is characterized
by changing consumer behavior, technological advancements, increased use of
data for improvement in logistics and mobility services, and evolving operating
models in different automotive functional areas. Although the market is in its
nascent phase currently, it is expected to witness notable growth in the coming
years on account of the increasing adoption of the technology by automotive
manufacturers.
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Some of the key players operating in the
automotive blockchain market are IBM Corporation, Microsoft Corporation,
Accenture PLC, carVertical, Helbiz Mobility System PTE Ltd., Tech Mahindra
Ltd., ShiftMobility Inc., BigchainDB GmbH, ConsenSys, Context Labs BV,
Ethereum, Factom Inc., Mesosphere Inc., Oaken Innovations, Productive Edge LLC,
Project Provenance Ltd., Ripple Labs Inc., and XAIN AG.
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