IN BLOCKCHAIN WE TRUST: TRILOGY ARTICLE 3: WHERE DO WE START
Establishing a blockchain supplier system will require new skills, not found in the industry, like those who can develop cryptographic algorithms, which are the computer science foundation of blockchain architectures. Therefore, partnerships and collaborations with companies such as SAP, IBM, Amazon, Microsoft will be necessary.
In Blockchain We Trust: Trilogy Navigation Page is HERE
The best approach is to establish an enterprise block chain architecture that is then implemented by suppliers, which can expand if new suppliers are added to the chain. Each part, with its robust digital identity, is visible in this tracking system. The producer and every supplier have an encrypted record in the ledger, which makes an incorrect or fraudulent part instantly identifiable. No other approach creates such an open system that establishes trust and identity, all in one, without intervention.
Our 21st century world needs a new paradigm for how people and organizations execute transactions—which will only increase as digital devices and networks seep into every corner of our lives. Some excited observers have said that blockchain could be at the heart of a fourth industrial revolution, impacting the management of issues like trust, security and privacy for years to come. It behooves auto executives to begin investigating how this important technology can improve their products and processes.
Blockchain is a technology that is ready for exploration by automotive OEMs. Nonetheless, this is still a long way off. As blockchain is functioning as a distributed system, the value delivered through it is strongly dependent on the collaboration with competitors, suppliers or other stakeholders. It has the potential to disrupt the value chains of the whole automotive environment around the car itself. With major upcoming changes in power train technologies (e-mobility) and their effects on increasing investments, the traditional business models of OEMs are at risk. Newly arising digital ecosystems could counterbalance these developments and create long-term higher revenues, hitherto untapped, in the automotive value chain, rather than the sale of cars or service itself. One precondition for this scenario would be that both data streams, the ones caused within the car (upstream) and the ones that customers bring into the car (downstream) are monetized to create customer benefit – which is the only reason why customers will pay: for its value creating ability.
Although my Blockchain Trilogy provides new insights into blockchain technology, there are still various research directions to continue in the future. Over time, blockchain will serve as a foundation for weaving digital threads, digital twins, AI, and connecting the world…. But that’s a different story. Stay tuned.
BTW: Do you feel like we live in a simulation? Just a random thought ....
Please don’t forget to read and share the other parts of my Blockchain Trilogy:
Article 0: Navigation Page
Article 1: Overview
Article 2: Use Cases & New Business Models
How To Start Blockchain: IBM’s Courses
All literature references are listed in the Navigation Page
Please feel free to share this article trilogy and let me know your thoughts, with your comments. Also, please click here and subscribe to my monthly updates
DISCLAIMER
Opinions expressed are solely my own and do not express the views or opinions of my employer. Information presented is publicly available.
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