4. Efficient Warranty and Recall Management: Blockchain facilitates efficient management of warranties and recalls. Every component’s history, from manufacturing to installation, is securely recorded. In case of defects or recalls, the decentralized nature of blockchain ensures that accurate information is quickly accessible, allowing for precise identification and targeted resolutions.
5. Decentralized Vehicle Identity: Blockchain is being employed to create decentralized digital identities for vehicles. This enables secure and tamper-proof recording of a vehicle’s entire history, including maintenance records, accident reports, and ownership transfers. Prospective buyers can verify the authenticity of a vehicle’s history before making a purchase.
