Advantages highlight the application of unfavorable blockchain technology "on the train" to be explored

Source: Securities Times

Author: Han Zhongnan

Recently, Volvo announced that it has reached an agreement with two battery suppliers Ningde Times, LG Chemical, and the world's leading blockchain technology companies to trace electric vehicle battery raw materials through the application of blockchain technology.

The exploration of the blockchain technology to empower the automotive industry has been in existence for a long time. Roots chain co-founder and COO Xu Lichun told Securities Times that blockchain technology can be used in new energy vehicle point trading, driverless, shared car, network car, auto finance, auto insurance, used car and other fields. application.

How to make blockchain technology find a specific foothold in the automotive industry, how to make this technology work better? This has become one of the most popular topics in the industry.

Can solve the pain points in the automotive industry

On the afternoon of October 24, the Political Bureau of the CPC Central Committee conducted collective learning on the status quo and trends of blockchain technology development.

Su Hui, executive vice president of the China Automotive Distribution Association's Tangible Markets Branch, believes that the country's emphasis on the blockchain will bring huge opportunities for the application of this technology.

So how will blockchain technology be applied to various industries? Dai Wenpu, deputy director of the Internet Innovation Application Lab of Blockchain Value of Tongji University, believes that the blockchain has two typical advantages, one is decentralization, and the other is the irreversible modification of information.

“The blockchain is actually a decentralized distributed database. Anyone who links their own server to the blockchain can become a node in this huge network,” explains Devon. The blockchain does not. Depending on a central node, the data of the entire system is maintained by all peer nodes of the entire network. This storage mode ensures the security of information to a large extent. If the information or data of the blockchain is tampered with, the hash value of the entire blockchain will also change, and the linked block will be automatically broken, which determines that the information cannot be tampered with.

Xu Lichun told reporters that the two characteristics of blockchain technology can not only ensure the security of data, but also realize the transparency of data and solve the crisis of trust. It can be widely used in the automotive industry.

Taking shared car and network car as an example, blockchain technology can securely store and integrate users' online transaction information and credit evaluation, making it easier for both parties to establish trust relationships, thereby optimizing transaction processes, improving service quality, and further ensuring travel safety.

It is understood that Gofun, a shared car platform of the Shouqi Group, has already targeted the application of blockchain technology. In April 2018, it reached a cooperation with the Foshan government application “Zhixin Chancheng” blockchain project in Guangdong, and is committed to Open multilateral sharing, cracking the pain, credit, security, privacy and other pain points of multi-nodes such as user data, vehicle data and driving data.

By reporting on the official website of the Gofun travel platform, Securities Times reporters have been able to obtain the number and time nodes of each block transaction on the blockchain through this website, which fully guarantees the transparency and traceability of platform transactions.

Enterprises try to land

According to a report by the IBM Institute for Business Value, it is estimated that by 2021, about 62% of the use cases in the automotive industry will use blockchain technology.

In February 2018, Porsche announced the successful testing of blockchain technology in automotive products, mainly for vehicle unlocking, payment, and repayment of loans. At about the same time, Daimler also announced the launch of a three-month blockchain test project and the introduction of a blockchain-based digital currency, MobiCoin. In March of the same year, BMW Motors announced a partnership with blockchain service company VeChain Thor. In addition, BMW has also cooperated with blockchain startup DOVU.

Not long ago, Volvo Car announced the use of blockchain technology to trace the raw materials of electric vehicle batteries to ensure that the battery materials delivered to electric vehicles are derived from responsible supply chain procurement. This move has once again brought the distance between blockchain technology and the automotive industry closer.

According to Volvo, the data in the blockchain includes attributes such as the source, weight and size of cobalt, the chain of custody and the determination of participant behavior in line with the OECD's supply chain guidelines.

By summarizing the practice behaviors of the above-mentioned enterprises, it is found that the current exploration of blockchains in the automotive industry can be roughly divided into several major directions: First, trace the vehicle's driving, maintenance and other data through the blockchain. It can ensure the true reliability of the supplier's raw materials; the second is to enhance the safety of vehicle payment through blockchain technology.

In fact, there are more imaginations in the industry for the application of blockchain technology. A blockchain development engineer who did not want to be named told reporters that in the future, with the development of driverless technology, blockchain technology will find more places in the automotive field. At present, the network signals linked by vehicles are centralized, and there is a risk of being attacked, and the blockchain technology can ensure a secure link between vehicles and vehicles, vehicles and roads.

In addition, the automotive finance and insurance sectors are also key areas in the blockchain enabling industries. Yan Zhicheng, a researcher in the auto finance industry and founder of the Auto Finance App, told reporters that the most concentrated and typical pain problem in the auto finance industry is fraudulent loans. Some car owners use false identities to pass accident cars, deck cars, rental cars, The seizure of cars and the like for fraudulent loans may cause certain property losses to consumers and enterprises, and also disrupt the order of the industry. If you can apply blockchain technology, you can not only make transactions more transparent, but also improve transaction efficiency and reduce costs.

Previously, Foton Motor worked with Ping An Group to create a “blockchain + automotive supply chain finance” solution and developed a financial supply chain financial trading platform – the Fortune All-Link system.

However, some industry experts pointed out that the application of blockchain in the automotive finance industry has not yet been widely implemented. "Now everyone is more on the wait-and-see stage, especially looking forward to the blockchain technology can produce integration results with the entire financial industry, and then apply it in the field of automotive finance." Qi Zhicheng said.

After the daily limit of 100 shares on October 28, after a few days of digestion, the blockchain concept began to gradually cool down on the stock market. On November 12, only Tianguang Zhongmao went up. Hong Yining, chief researcher of the blockchain laboratory of Suning Financial Research Institute, believes that the underlying technology of the blockchain is basically perfect, but it will take some time for the specific path to explore and then generate economies of scale.