Blockchain Implementation Scheduled For India’s Automotive Sector

BTC Wires: As per recent developments in the Indian ecosystem, application of Blockchain technology in the automobile sector is making news. It has surfaced that automobile producers and associated component companies have pronounced to make use of Blockchain technology to carry out a thriving vendor management system, drawing roughly two billion transactions annually. As this is the first instance when a large-scale industry like the automotive sector is involved with Blockchain tech, the manufacturing revenues are set to cross over 1,000,000 crore with assistance from auto component makers.

The fountainhead of this development plan were the Mahindra Group and Bajaj Electricals, respectively. Furthermore, Vijay Sethi, Chief Information Office of Hero MotorCorp was reportedly at the Bajaj manufacturing plant in Pune, earlier this year in January. Here, in a discussion held with some stakeholders of the auto industry, the group discussed about introducing autoDX into the automotive sector. AutoDX happens to be a cloud based platform that works with shipping notices, invoices, purchase orders, etc.

In an interview with Factor Daily, Sethi remarked on how he and his team are looking to implement blockchain tech to the automotive sector on an industry-wide scale. Sethi’s interest with a company-agonistic blockchain is justified on several levels. To eliminate all bone of contentions between corporations on the basis of their way of functioning, there is a dire need for a standardised platform. Additionally, it also has cost benefits in comparison to individual platform building procedures.

In Sethi’s opinion, when original equipment manufacturers and component manufacturers share space on the same blockchain, the holistic services will come clean with more transparency and will be available for all participants within the ecosystem. Such transparency will have far reaching effects on the overall supply chain and will uplift the various divisions to chalks out superior plans with better precision. Adding more faith and confidence in this implementation, partner of PwC consultancy firm, Sreeram Ananthasayanam said: “Such implementations will be far more successful and bring value to the sector if top OEMs get together and create a joint approach towards blockchain for auto components.”

Dmitriy

Having majored in Social Psychology and Economics, I worked as a team lead of a tech and fundamental analysis lab in the Applied System Analysis Research Institute. I write financial articles for various international media. I also hold the position of a Chief Analyst at RoboForex.