Blockchain Projections For The Automotive Industry Total $120 Billion By 2030

Blockchain is establishing its presence in the automotive sector. Car owners and other road users are already interested in the many ways in which this technology can be used, the strategy and marketing consultancy Simon-Kucher & Partners found in a recent study*. Survey participants were particularly interested in time-saving solutions, such as traffic congestion management (48 percent) and automated payments (54 percent). Applications that provide added security such as protected data access (50%), enable increased efficiency such as automated payments (54 percent), or greater convenience such as remote access (46 percent) were also popular with participants.

“The added value of blockchain applications for the end customer is obvious,” says Peter Harms, a Partner in Simon-Kucher’s global automotive practice. “Automakers need to be aware that they can generate significant profit from these applications.”