Companies leveraging blockchain technology in transportation industry

Everything that happens on Blockchain is based on database of shared information, information are held with great value they are considered to be an important asset when mismanaged it could impose security threat to any organization, this makes the use of blockchain technology very important for our day to day activities, the fact that stored/sent information on the blockchain is protected using cryptographic encryption makes blockchain and indispensable innovation that can be applied in every area of man's activity, in my previous post I shared various applications of blockchain technology in transportation industry how it could be used to improve tracking/delivery of customer goods and services, improved transparency in sharing information and maximizing cost and time for data processing.

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In this post, I will be exploring industries/companies that are already harnessing the use of blockchain technology to maximize security and data-sharing processes between users and manufacturing companies.

IBM partners with ZF Friedrichshafen AG and UBS

In early 2017 IBM announced its partnership with ZF Friedrichshafen AG and UBS to help improve users' privacy and shared information using blockchain technology ZF and USB unveil Car eWallet a blockchain-first mobility service transaction platform payment service, allowing drivers and vehicle users to pay for parking tolls, share ebattery charging and enable secure transaction in vehicles using a blockchain ledger technology.

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ZF Car-eWallet allows cashless payment for car users IMB contributes by connecting users eWallet with blockchain to provide a secure means of the transaction to improve transparency among end users.

Toyota blockchain lab

In 2019 Toyota saw a need to improve how users' identities can be verified in a more scalable and fast way, the Japanese automaker company came up with the idea of Toyota blockchain lab that will use blockchain technology to securely store and verify users' data.

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Secondly, Toyota lab harnesses blockchain technology to evaluate car life cycle, such as sharing information on date a car is repaired, sharing car maintenance info with insurance companies and manufacturers also a customer can be able to confirm if a spare part is genuine with the use of blockchain.

Properly tracking transactions in transportation can be complex such as recording fuel consumption, shipment tracking, and payment with the inception of blockchain technology manufacturing companies have integrated the use of blockchain ledger to store and record these complex transactions efficiently saving time and cost. Overall we can conclude by summing how important blockchain technology has impacted automobile industries by increasing mobility services on how information is distributed.