The automotive industry is currently going through a shift, driven by rapidly evolving consumer technology. Vehicles are becoming much more than simple means of transport with onboard computers, sensors and an increasing amount of data being shared among multiple parties from parts manufacturers, producers, distributors, service providers and end-consumers.
Blockchain provides the perfect solution for market participants to prepare for the future by adopting a safe infrastructure to exchange data and meet increasing regulatory and consumer demands. What’s more, the automation ability of the blockchain allows to further streamline operations and to power processes of tomorrow such as machine to machine micro-payments. Blockchain enables automotive players to stay on the edge of innovation by developing innovative business models that can only be achieved through decentralization.
→ Accountability: Digital identity is provided at protocol level, providing a safe/trustless infrastructure for car makers, service providers and consumers to share information.
→ Automation: Smart-contracts enable payment automation and escrow capabilities.
→ Transparency: Concordium provides a public and auditable log of communication. An immutable ledger that offers the ability to design the level of transparency required.
→ Privacy: Concordium uses Zero-Knowledge proofs for proving that a user meets certain criteria without revealing sensitive data.
→ Scalability: Concordium is powered by a Proof-of-stake consensus algorithm for approving transactions. The PoS algorithm developed by Concordium allows to significantly improve the transaction speed and costs.
→ Security: The Concordium blockchain protocol is permission-less, allowing to achieve the full potential of decentralization while providing a higher level of security.
Seamless payments and improved security:
Both vehicle and vendor (such as a gas station) have registered identities, that can be linked to a private or a legal person, on the Concordium blockchain.The protocol-level identification enables counterparties to engage in a contractual relationship automatically without any concerns as both can be identified.Traditional solutions for electrical vehicles typically involve several manual steps and ask users to expose their credit card details or personal information, such as their phone number. Concordium allows to bypass all those steps and provides a truly seamless experience. Moreover, compared to existing blockchain solutions that would require to send a deposit before starting charging of the car, Concordium does not need that as all the parties can be identified and held accountable.
Improved service availability:
The use of Smart-contracts as the interface for machine-to-machine communication provides a public, auditable log of communication. The core state and logic of an application is distributed, allowing an application to continue to operate or be picked up by a new vendor long after the original vendor has shut down.
New services and revenue channels:
Smart contracts together with Proof-of-Stake consensus algorithm enables new business models to arise in the field of micro-payments.
→ Autonomous vehicles that are stuck in a traffic jam could negotiate a price for which they will let a car pass. At the same time, other vehicle passengers and drivers could monetize their time by receiving payments from the vehicles that are in a hurry.
→ A Vehicle could launch a Dutch auction for car charging.That would mean that Smart homes, producing renewable energy at their homes could participate in the bid as well and sell their excess energy instead of selling it to the grid for a less lucrative price.
→ Information about driving habits of a particular person could be shared with different service providers (e.g., car rental companies, insurances, agencies) to receive a better deal. In case of any privacy concerns, users will be able to track who exactly has access to the data provided, thus preventing data misuse.