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Analysis: OEMs Slowly Finding Uses for Blockchain Tech

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May 23, 2018—Blockchain technology is largely viewed as a key to making fully autonomous vehicles an everyday reality, though auto executives are often taking a conservative approach to applying the technology, according to a recent report.

For example, according to coindesk.com, Sebastien Henot, an executive with Renault Innovation Silicon Valley, is opting for the low-hanging fruit of using blockchain technology to better manage carmakers’ supply chains. Blockchain technology, according to one common definition, is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but also nearly anything of value.

“Blockchain can bring cost savings to supply chains thanks to new levels levels of transparency and auditability, which could be of vital help in the unfortunate event of recalls,” Henot told coindesk.com.

Additionally, that process could give automobiles their own, unique digital identity.

“If you have an Audi and you want to sell it to buy a Renault, it would be very useful for the Renault dealer to be able to access the Audi birth certificate and see a standardized history," Henot said.

However, blockchain technology is still in its relative infancy stages, the report noted, and the process for what kind of vehicle data will be shared, and how that data will be coded, still needs to be standardized.

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