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Blockchain Adoption in the Automotive Industry


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Over the last few years, breakthroughs in blockchain tech have infused some of the most revolutionary and exceptional upgrades to processes across various industries. This growing impact of blockchain on different industries has risen the confidence of stakeholders and in turn egging them on to focus on use cases that seemed complex before. Spotting the potential of blockchain and opportunities it opens up, legacy auto majors have begun adopting this emerging tech to remain competitive as well as relevant in future market scenarios.

Current blockchain solutions for the automotive industry range from mobility services to data monetization. Among these solutions, BC seeks to answer challenges posed in the insurance, the marketplace economy as well as the vehicle autonomy spaces to further bridge the ever narrowing distance between consumers and producers.

This report includes a comprehensive analysis of the adoption of blockchain tech in the auto industry and also highlights the major trends and opportunities across the ecosystem.

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Blockchain Adoption in the Automotive Industry

  1. 1. August 28, 2019 BLOCKCHAINAdoption in Automotive Industry
  2. 2. Industry Overview 6 Global Automotive Industry 7 Key Trends that are Shaping the Global Automotive Sector 8 Executive Summary 4 Mobility Services 18 Supply Chain Services 23 Electric Vehicle Charging 28 Vehicle Autonomy 34 Data Monetization and History Data 36 Insurance 43 Marketplace 49 Loyalty 53 Other Solutions 55 Blockchain Technology Solutions 17 Raw Material Suppliers 12 Component Suppliers 13 Car Manufacturers/OEMs 14 Utility Providers/Energy Companies 14 Service Centers and Chains 15 Dealers and Distributors 16 Key Value Chain Stakeholders & Participant 11 BLOCKCHAIN: Adoption in Automotive Industry
  3. 3. Blockchain Setup 58 Consortium-linked Approach 59 Startups 61 Automotive Companies 62 Others: Technology Player: IBM 64 State of Blockchain Adoption in the Automotive Industry 66 Immediate Opportunities 67 Long Term Opportunities 72 Financial Backing 75 Conclusion 77 References 78 BLOCKCHAIN: Adoption in Automotive Industry
  4. 4. 4 Globally, automobile manufacturers are looking to leverage blockchain as one of the key enablers for the realization of the potential of autonomous vehicles. Legacy auto majors have started shifting their focus towards adopting this emerging technology to remain competitive in their markets. The adoption of blockchain technology is further gaining in momentum as an innovative solution for other industry stakeholders including dealers and distributors, parts manufacturers, and car owners. A majority of blockchain-enabled automotive industry pilot projects target untapped markets and focus on ………………………………………. In the near future, the industry will witness a significant increase in blockchain-based innovative service offerings including mobility services,………………………………………………………….as the majority of blockchain services providers have already commercialized these services. Going forward, global startups have either already entered or plan to enter the blockchain-enabled automotive industry through pilot projects to offer disruptive solutions for all stakeholders, while also building a strong ecosystem simultaneously. For instance, blockchain-based innovative services including………………….., which are complex and require more advanced infrastructure, constitute the long-term focus of several blockchain service providers. Blockchain Adoption in the Automotive Sector With USD 3 trillion in revenues and a 15 million strong workforce, the global auto industry is a critical component of socio-economic development. The industry is in the midst of a digital transformation for effectively addressing growing regulatory norms and safety standards. Further, auto companies must adopt to a set of disruptive trends including the rise of connected vehicles, introduction of autonomous driving technologies, growth of mobility as a service, and the spread of electric vehicles. The industry is set for a marked technological transformation and is witnessing a significant increase in the adoption of innovative technologies such as IoT (Internet of Things), AI (Artificial Intelligence), ML (Machine Learning), and blockchain (BC). BLOCKCHAIN: Adoption in Automotive Industry Executive Summary
  5. 5. BLOCKCHAIN: Adoption in Automotive Industry
  6. 6. 6 With over USD 3 trillion in annual revenue, the automotive industry is one of the largest industries globally Second only to the energy and utility industries, the automotive industry includes a wide range of stakeholders – from design, to development and manufacturing, to the marketing and sales of these vehicles. Currently, the automotive industry accounts for around 100 million cars (annually), vans, buses, and trucks, and employs over 15 million people globally. Europe, Japan, South Korea, and the US have emerged as the key manufacturing hubs for this highly competitive industry (Figure 1). BLOCKCHAIN: Adoption in Automotive Industry Global Automotive Industry Top Exporter of Automotive Products (World - USD XX) Figure 1: Top Exporter of Automotive Products
  7. 7. 7 Key Trends - Shaping the Global Automotive Sector Traditionally, the automotive industry is considered as being stable. It is characterized by high costs of investment, labour intensive processes, and an overall low ROI. However, over the last couple of years, the industry has been increasingly facing disruptive threats including the rise of connected vehicles, introduction of autonomous driving technology, the concept of mobility as a service, and the spread of electric vehicles. These threats have been increasing additional margin pressure on legacy vehicle manufacturers. Additionally, the industry is witnessing an inflow of new entrants with the adoption of new age technologies, which have started becoming an integral part of the automotive value chain by assimilating auxiliary industries. Recently, the automotive industry has been driven towards innovation with respect to addressing issues ranging from margin pressures to even evolving safety and emission norms. The industry has been witnessing huge investment inflow in R&D to support the cost reduction measures of auto OEM’s. While there has been a considerable increase in the number of industry stakeholders focusing on this rising demand for innovative solutions. In summary, the industry as a whole is heading towards technological transformation and as a result had been witnessing a significant increase in adoption of innovative technologies such as IoT, AI, ML, and blockchain to remain more competitive. Regulatory Pressures Driving Focus on Alternative Technologies Over the past couple of years, the automotive industry has been facing increased pressure of regulatory norms and safety standards, which is expected to increase cost and complexities for the companies in the sector. Globally, the CO2 emission norms look likely to tighten. Most markets such as Europe and the USA have already redefined their CO2 emissions norms and other major automobile markets are expected to follow suit. Regional regulatory bodies have also started to increase safety norms. These developments are shifting the auto OEM’s focus towards developing alternative technologies for lower-emission vehicles. The growing number of new entrants has also resulted in a serious threat for legacy auto manufacturers. These pressures are expected to push OEMs to invest more in alternative technologies to meet future emissions targets in the backdrop of more recent scandals and creating space for blockchain and related platforms or solutions. BLOCKCHAIN: Adoption in Automotive Industry 8
  8. 8. 8 Changing Role of the Legacy Industry Stakeholders The entry of innovative and high-tech companies into the automotive space has changed the business dynamics for the legacy auto manufacturers and suppliers. Despite spending millions in R&D investments (Figure 3), the primary industry stakeholders are yet to feature among the 10 most innovative enterprises, however, new entrants like XX have de-facto featured in the top 10 innovative companies in the world at present. The transition ushered in through the dramatic shift in the digital space has shaken the elementary structure and the attitudes of the primary stakeholders shifting their focus to offer customer-oriented innovations and treading away from a purely optimized assembly-line outlook. The R&D investments of the primary stakeholders are now concentrated on electric vehicles that is the future turf where they expect to face-off against competition. Additionally, this transformation has also drastically changed the role of primary industry stakeholders, for instance, legacy auto manufacturers have started focusing on flexible production models, end-user driven innovations, unprecedented collaborations with technology companies, overhaul of the drive system, etc. Volkswagen AG Toyota General Motors Ford Motor Daimler AG R&D Expenses of Top Automotive Industry Players (USD Bn) 2014 2,015 2016 2017 2,018 BLOCKCHAIN: Adoption in Automotive Industry Figure 3: R&D Expenses of Top Automotive Industry Players
  9. 9. Stakeholders&Participants BLOCKCHAIN: Adoption in Automotive Industry
  10. 10. 10 Car Manufacturers/OEMs At automotive plants, automated production audits that help reduce overhead costs and leverage smart contract features of blockchain solutions are gaining popularity. This is evident from the collaborative efforts undertaken by XX, in partnership with XX, for the development of a supply chain blockchain solution that sits on top of the existing XX in XX. Utility Providers/Energy Companies With the rise of electric vehicles (EV), automotive companies and utility providers have been working more closely than ever before. The search for cleaner sources of fuel that could be traced to originate from green sources of hydroelectric, wind or solar instead of coal or fossil fuels is another reason behind this emerging trend. A subsidiary of the XX energy company XX, XX, through its e-mobility startup venture XX, has launched a chain of blockchain-powered EV charging stations in XX. Their app is a marquee e-mobility community platform that lets users access charging stations set up by the company as well as existing charging points by making digital payments in XX. We can expect the emergence of battery charging (or recharging) and the need for smart grid and smart city infrastructure to enhance the opportunities for digital economies. The emergence of these economies would further increase the penetration of technologies such as blockchain on the back of explosive growth in the spaces of identity creation, digital payments and the IoT ecosystem. The utility providers facilitating charging of EVs will also leverage XX and smart blockchain XX extensively, besides enabling XX platforms for valid XX energy transactions, and unifying XX solutions and blockchain transactions for helping tackle the challenges of energy XX and XX. BLOCKCHAIN: Adoption in Automotive Industry Stakeholders & Participants With smart manufacturing being the new norm, the ability to control inbound plant logistics increases efficiency and transparency in automobile manufacturing operations. The combination of permissioned blockchain solutions that provide access to XX, along with product quantity, status, and other information, helps ensure enhanced coordination with participants of the inbound chain and ensure timely delivery of parts. Such blockchain solutions also enable XX to schedule production and achieve a streamlined flow of goods. At the part or component suppliers’ end, the introduction of BC-backed solutions leads to improved inventory optimization, accurate order mapping and matching, and optimal XX outcomes.2
  11. 11. Solutions
  12. 12. 12 The authenticity of the product is a major concern for consumers and supply chain participants alike. Consumers want to know how their product was handled throughout its lifecycle, and brands want to prove the authenticity of their data. With blockchain, which provides a distributed ledger that adds information based on a majority consensus mechanism, the authenticity of the data is assured. As the data is immutable and time stamped, it provides an added layer of security. Hence, solutions leveraging blockchain technology find wide application in supply chain services across industries. BLOCKCHAIN: Adoption in Automotive Industry Supply Chain Services Solutions Cables Airbags Filters Radiators Break PadsMaster Cylinders Alloy Rims Tail Lights Common Counterfeit Spare Parts In the automotive industry, this includes track and trace to locate the source of each part of a car. This tackles supply chain visibility, addresses counterfeit parts and product recalls (vehicle or parts). Sofocle is leveraging Blockchain for track and trace solutions.14 The larger picture is USD XX and USD XX is lost by the legitimate automotive parts industry to counterfeit tyre sales and battery sales respectively, i.e., XX% and XX% of the corresponding sales of these sectors.15 Figure 6 highlights the most commonly counterfeited automotive spare parts.16 Figure 6: Common Counterfeit Spare Parts
  13. 13. 13 Startup Ecosystem This section of the report summarizes the startup ecosystem as well the top industry players currently leveraging BC solutions is provided in Table 3. No. of Startups Funding Range (Million USD) Notable traction Events - Industry Leaders Stakeholders XX XX-XX XX is involved in the XX consortium as well has etched partnerships across its partners to influence the entire automotive supply chain including XX to XX.22 23 24 XX partnering with XX as a part of digitalizing the automotive supply chain and connecting XX to build XX and quickly. XX has developed its own in- house blockchain based solution to introduce XX in their XX as well as their supply chain.25 XX losing revenue and reputation Logistics/transporter facing fraud, theft or even geographic or logistical challenges Car manufacturer suffering fraud and safety issues due to counterfeiting Suppliers losing out business to counterfeiters and unauthorized agents BLOCKCHAIN: Adoption in Automotive Industry XX has partnered with blockchain provider XX, which provides data regarding the source of XX, a raw material used in its batteries17. XX has always been associated with XX18, with rising battery requirements (for mobile phones and electric vehicles), the need for providing sourcing data regarding ethical mining of cobalt has become paramount. Blockchain therefore helps unleash the potential of technology in automotive supply chains, generating efficiencies, creating new business models, and building trust ecosystems.19 Solutions Table 3: Startup Ecosystem
  14. 14. 14 Notable Startups Profiling A brief profiling of the most prominent startups, their product and service offerings, business and revenue models with a stakeholder overview is provided in Table 4. Startups Comments – Case Studies Stakeholders - Overview & Segmentation SyncFab XX XX XX XX XX All the firms are focused on providing traceability solutions for the automotive value chain. Syncfab provides a marketplace with transparent order tracking based on the Ethereum Blockchain. XX solution, used by XX, involves provenance tracking of XX sourcing. XX has also developed a blockchain protocol for XX. It has partnered with XX to track their lead supply chain. XX product, XX, is a XX that is blockchain agnostic to combine business workflow and blockchain core functions. It is compatible with XX. XX has provided a blockchain based solution for XX, that allow them to ensure global sourcing and contracting practices. Miners, Mineral sourcing suppliers Processors Suppliers Compliance Monitoring Agencies OEMs Automobile Manufacturers Case Study: XX XX provides a private and permissioned platform to XX provenance of XX used in the downstream industries. The solution uses XX since it is an enterprise grade software. XX has developed an application that can be used across mobiles and desktops – the mobile app is for scanning and downloading documents, while the desktop version provides supply chain visibility. BLOCKCHAIN: Adoption in Automotive Industry Solutions Table 4: Industry Stakeholder Overview
  15. 15. 15 BLOCKCHAIN: Adoption in Automotive Industry Business or Revenue Model The solutions are provided by startups in this application are in a service (SaaS) based format, wherein a steady transaction charge for each blockchain transaction generates revenues for these startups. However, the stand-alone and enterprise specific requirements in the sourcing or supply chain applications in the automotive domain have led to business model such as that of XX that provide design and deployment services. Provided in Figure 7 is an overview of the XX and a step-wise highlight of the business and the revenue model. Solutions XX A facial recognition system called XX checks XX XX tags check origin and refining standards XX XX XX XX Scan and Track components facilitated by XX XX XX Certification XX Track S O L U T I O N Key Participants: Car Manufacturers, Supply chain participants such as metal processors, component manufacturers, miners The Solution: The BC-enabled solution provides a way to XX the location, XX, duration and operating conditions of a metal processing. Benefits: XX XX XX XX Figure 7: The XX System
  16. 16. 16 Provided in Figure 8 is the business model most widely being adopted while integrating or introducing Blockchain for the supply chain services segment of the automotive industry. BLOCKCHAIN: Adoption in Automotive Industry Solutions Use Cases ▪ Track origin of raw Material ▪ Trace material across its lifecycle ▪ Ethical Sourcing ▪ XX ▪ XX ▪ XX BC Fabric providers (BC-FP) – Ethereum, XX, XX, XX, XX, XX, XX, XX, XX, XX,XX XX XX, XX, XX, XX, XX, XX, XX, XX Stakeholders (FBS) Car manufacturers, XX, XX XX How is BC being Accepted in the industry Supply Chain Services Key Takeaways ▪ XX is the most popular BC fabric for this Service as it is Enterprise Grade ▪ The segment is equally dominated by XX and XX solutions ▪ Most adopted business model: + + Figure 8: Blockchain adoption in Supply Chain Services
  17. 17. BLOCKCHAIN: Adoption in Automotive Industry
  18. 18. 18 As the automotive industry braces for falling revenues correlated to the dip in sales due to slowing car ownership rate among millennials and the growing importance of the ride sharing market, blockchain is poised to bolster automotive transformation. As a result, the adoption of blockchain technology in the automotive industry is gaining momentum and seeing a healthy growth in investments in the startup space. In the blockchain-enabled automotive space, it is startups that are driving this highly sought-after transformation by offering XX services to customers that have opened up XX, XX, and XX. Each of these startups offer a wide variety of specific blockchain-enabled services such as XX, XX, XX, XX, and XX, etc. Most startups are focusing on car data management at some level as it offers the most promising future opportunities with potential as it would integrate a number of cutting-edge technologies such as AI, Big Data along with Blockchain among other disruptive technologies. According to a XX report, the market for car-generated data is estimated to reach USD XX by 2030. At present, to position themselves as ready to monetize Startups BLOCKCHAIN: Adoption in Automotive Industry Figure 19: The MOBI Initiative XX XX XX XX Vehicle identity Supply chain tracking, transparency, and efficiency Autonomous machine and vehicle payments Secure mobile commerce Data markets for autonomous and human driving Car sharing and ride hailing Usage-based mobility pricing, and payment for different industry stakeholders
  19. 19. 19 Going forward, startups are expected to play a vital role in helping the struggling automotive industry and become an integral part of future automotive value chain and therefore are critical cogs of the automotive industry value chain at this point. Additionally, startup’s innovative services are likely to interconnect different industry stakeholders to provide seamless customer services and future-proof stakeholders businesses and revenues. Over the years, numerous legacy auto manufacturers have been actively taking steps towards implementing Connected, Autonomous, Shared, Electric (CASE) strategy by focusing on using blockchain technology for offering seamless experiences to their customers. Additionally, the legacy auto manufacturers have not shied away from investing billions in the expansion of their electric feet through an interconnected network of battery producers, auto suppliers, and customers. Furthermore, a few manufacturers are focusing on supply chain management to improve transparency and sustainability into their value chain. Automotive Companies BLOCKCHAIN: Adoption in Automotive Industry these early opportunities, startups have started building the required capabilities and partnerships.
  20. 20. 20 For automotive companies, another application area for blockchain solutions is in the XX, XX, and XX. Furthermore, as a part of their CASE strategy, most automotive players are choosing startups over XX to implement blockchain technologies which helps them to be nimble, bring about speedy execution and enter the market rapidly and pip competition. Also, in the long run, the legacy auto manufacturers are expected to heavily monetize opportunities created by interconnecting vehicles. Provided in Table 17 are the focus areas, services offered and execution strategy or case example of the legacy auto currently focusing on blockchain technologies: Automobile Manufacturer Focus Area Blockchain-enabled Service Bosch XX Streamline XX process for drivers to find a station, XX, XX………………………………………… Ford Motor Company Ensure XX XX XX retrieval methods between XX and XX Hyundai Smartphone-XX vehicle pairing Toyota Enable homes, businesses and XX connected to the XX Volkswagen XX XX XX XX Hyundai XX General Motors – Financial Arm XX XX Jaguar Land Rover XX XX BLOCKCHAIN: Adoption in Automotive Industry Table 17: OEMs Focusing on Blockchain Technologies
  21. 21. intheAutomotiveIndustry BLOCKCHAIN: Adoption in Automotive Industry
  22. 22. BLOCKCHAIN: Adoption in Automotive Industry APPENDIX
  23. 23. 23 1 volkswagen-uses-blockchain-tech-to-trace-raw-material-back-to-point-of- origin-42862 2 securing-automotive-supply-chain-with-a-blockchain-based-solution/ 3 4 5 6 cars-are-parked-95-of-time-lets-check.html 7 8 9 10 11 4EEqpBjKS3FIp1wbCObetm2gX3XlYRZMyvZ583EF.pdf 12 content/uploads/2018/04/whitepaper_FINAL_V18.2.pdf 13 redcab-work-f0d59dde0f84 14 15 web/secure/webdav/guest/document_library/observatory/resources/re search-and- studies/ip_infringement/study12/tyres_batteries_sector_sector_en.pdf 16 17 pilots-using-blockchain-to-help-bmw-source-ethical-cobalt- idUSKBN1GH2UP 18 congos-cobalt-is-rise-so-is-scrutiny-mining- practices/?noredirect=on&utm_term=.596d24787f29 19 20 21 22 blockchain-change-driving 23 Ethereum-group-buid-blockchain-network 24 reduce-fraud-in-digital-advertising-campaigns 25 industry/ 26 study 27 power-trial-to-turn-electric-vehicles-into-mobile-atms/ 28 29 blockchain-give-fillip-sharing-economy 30 31 32 bita-to-drive-blockchain-adoption/articleshow/65610719.cms?from=mdr 33 opportunities-for-utilities/ 34 blockchain-enabled-ev-charging-station-d8265c1bcb38 35 36 37 38 39 https://uploads- 9ea_20190331_v.1.3.0--fixed.pdf 40 41 42 43 44 and-microsoft-blockchain 45 OnePager-20190123-v4.0-EN-1.pdf 46 Whitepaper-v5.1-20190125-EN.pdf 47 OnePager-20190123-v4.0-EN-1.pdf 48 49 blockchain-application-for-car-ownership-and-transfer-of-3c748dbf090a 50 51 52 53 54 55 56 disruption/ 57 58 Gem.html 59 marketplaces/ BLOCKCHAIN: Adoption in Automotive Industry
  24. 24. 24 60 blockchain-marketplace-with-live-vehicle-history-data 61 62 loyalty-reward-programs-a78063bc8dac 63 services/articles/making-blockchain-real-customer-loyalty-rewards- programs.html 64 market-map-expert-intelligence/ 65 of-theft-synthetic-identity-fraud.html 66 thieves-probably-made-off-with-600-million-plus-in-cars-and-trucks- transunion/#7c231dc645ad 67 financial-joins-23-million-series-a-investment-in-blockchain-startup- spring-labs/#1af784f213fa 68 69 murugesan-expert-interview/ 70 71 redcab-work-f0d59dde0f84 72 73 74 end-to-end-supply-chain-visibility 75 Huayou-Cobalt-IBM-LG-Chem-and-RCS-Global-Launch-Blockchain-Pilot- to-Address-Concerns-in-Strategic-Mineral-Supply-Chains 76 Huayou-Cobalt-IBM-LG-Chem-and-RCS-Global-Launch-Block chain-Pilot-to-Address-Concerns-in-Strategic-Mineral-Supply-Chains 77 78 79 80 Proprietary and Confidential, Copyright © 2019, Netscribes, Inc. All Rights Reserved The content of this document is confidential and meant for the review of the recipient. Disclaimer: The names or logos of other companies and products mentioned herein are the trademarks of their respective owners BLOCKCHAIN: Adoption in Automotive Industry
  25. 25. 25 Netscribes follows a structured project management approach to deliver deep- dive research analysis. A comprehensive approach is administered to assess innovative technologies and develop insights related to technology and business. BLOCKCHAIN: Adoption in Automotive Industry Solutions Research Methodology ▪ Market Research: The research is preliminary concentrated on identifying key application areas/geographies, driving factors & inhibitors, regulatory environment across key geographies, tests, trials & demos, expert opinion/ interviews, and products assessments. The research also includes products development analysis, market positioning collaborations/partnerships, success stories solutions & services, technology adoption, and customer segment-based trends. ▪ Technology Research: The research is focused on key technical trends, solutions, and adoption of the subject technology across sectors. Segregation of the technology focus areas and identification of emerging technology trends and opportunities gives a detailed overview of the technology. The analysis also includes technical approach taken by the companies to overcome the limitations and assessment of the R&D strategy and future. ▪ Patent Analysis: Patent study is conducted to provide an overall landscape of the patenting activities in the subject technology. The key trends in the patent filing are identified including assignees, technology focus areas, geographical distribution, and emerging entities. Critical insights related to the patent analysis are incorporated to highlight future product development pointers. ▪ Report Format: Report is prepared at the end of the research and is aligned as per expectations and quality check. An in-house editorial team conducts the final level QC.
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