Automobile Companies Make a Step towards adopting Blockchain Technology

Automobile Companies Make a Step towards adopting Blockchain Technolgy

Audi, the German based car manufacturer, is testing blockchain technology for the first time for its physical and financial distribution. With the introduction of this blockchain technology, Audi plans to increase the security and transparency in their global supply chains.
The car manufacturer released a POC of its Blockchain system last year, after successfully testing the technology with partnership with IBM. Due to positive feedback, Audi’s management decided to go forward with the project beyond the POC stage. Audi also plans to offer cryptocurrencies as a method of payment in coming years.

Apart from Audi, the other German counterparts, BMW, Mercedes and Porsche have recently made it to the headlines about their experiments with blockchain technology. Mercedes Benz is planing to have its own cryptocurrency, which will be MobiCoin. This coin will reward drivers for cautious driving. Porche, another car manufacturer is already in the talks with a startup XAIN for the adoption of blockchain apps in its vehicles. Blockchain Technology is here to stay!!!