From 14 – 15 February, members of the consortium co-founded by the BMW Group will be meeting with representatives of well-known technology companies from around the world, plus blockchain start-ups and specialists, at the BMW Group IT Centre in Munich. As well as serving as a platform for sharing knowledge and experience, the two-day event is primarily intended to promote and develop common standards for applying blockchain and distributed ledger technologies (DLT) in the mobility industry.
Blockchain: technology with a bright future.
This new technology holds great potential for the automotive and mobility industry. “The hype surrounding blockchain has died down, and it is even met with occasional scepticism now. We are convinced, however, that blockchains represent a real opportunity and will eventually break up the established, centralised market by making it possible to create more decentralised platforms and so give consumers more control over their data,” explained Andre Luckow, who heads the department responsible for blockchain and distributed ledger technologies at the BMW Group. “Plus, secure transactions can also be facilitated without intermediaries, paving the way for trialling new business models.” Last year, the company conducted a proof of concept that demonstrated how customers can use the VerifyCar app to keep track of their vehicle’s mileage, for example, verify it and share it with third parties – all driven by blockchain technology.
“Added to this, blockchains enable us to improve cross-organisational and cross-industry collaboration by increasing efficiency and transparency,” continued Luckow. Conceivable blockchain applications exist throughout the automotive value chain. Blockchains can be used in production and supply chain management to help improve traceability, security and operative efficiency. In complex supply chains, for instance, complete transparency can be achieved with the help of blockchain technology allowing the origin of individual parts and components being traced back via the various partners involved. This principle was successfully tested by the BMW Group in an additional proof of concept, followed by a pilot project which has been launched at Plant Spartanburg (USA) to conduct a detailed examination of a multi-tiered international supply chain. It is due to deliver its first concrete results before the end of this year and could potentially underpin more extensive implementation in the BMW Group’s purchasing and supplier network. The long-term objective is to jointly develop an open, independent platform as part of the BMW Group’s consortium work that would enable industry-wide application.
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SOURCE: BMW Group