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ARTICLE · 07 DECEMBER 2022

Get Up To Speed: Blockchain For The Auto Industry

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This year, sentiment has declined to a tepid level with respect to cryptocurrency markets. For example, while some experts still believe that bitcoin could crack the $100,000 mark, the price of bitcoin slumped to under $16,000 this November.

United StatesTechnology
John Lanza
John Lanza
Eugenia Wang
Eugenia Wang
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This year, sentiment has declined to a tepid level with respect to cryptocurrency markets. For example, while some experts still believe that bitcoin could crack the $100,000 mark, the price of bitcoin slumped to under $16,000 this November.1 But despite mixed opinions about the markets for cryptocurrency, blockchain (the underlying technology on which cryptocurrency runs) has a much more favorable outlook. Analysts project that the global market for blockchain technology will expand from its current estimated value of $3.4 billion to $19.9 billion by 2026.2

Blockchain Benefits for the Auto Industry

A number of industries have embraced blockchain technology, and the auto industry also could benefit from the widespread adoption of blockchain technology. The auto industry has traditionally struggled with operational difficulties in sourcing, tracking, and payment processes. Some of the ways that blockchain technology can help overcome these difficulties are:

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