Blockchain in Automotive Domain

Abstract

The "Blockchain" is a revolutionary database that does away with the weaknesses of traditional solutions for storing big data. It provides a transparent record of the entire business network, allowing buyers and sellers of each vehicle to track where the vehicle is in its lifecycle. The blockchain as a technology is more of a ledger recording "agreements." It is a system which contains a continuously growing list of records, called blocks, which are linked and secured using blockchain-based Public Key Infrastructure (PKI) encryption. It also provides a complete history of "deals" made between two or more parties, in which the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network.

Keywords: Blockchain, Automotive

JEL Classification: M15, L62, M11, L14