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The Automotive Blockchain market is valued at USD 0.3 billion in 2020 and is expected to reach USD 2 Billion exhibiting a growth rate of 27.12% during the forecast period 2021-2026.
FREMONT, CA: Countries in the Asia Pacific region, such as India and China, are home to some of the world's largest IT businesses. Both these countries have robust automobile markets as well. The Automotive Blockchain market of the Asia pacific region was valued at USD 0.3 billion in 2020 and is predicted to increase at a CAGR of 27.12 percent to USD 2 billion by 2025. In China, blockchain technology is finding applications in the vehicle market, which is a booming business in the country. Several car businesses are collaborating with companies that provide blockchain technology to enhance the performance of the automobiles. OEMs and technology businesses in the region are predicted to further collaborate on automotive blockchain. In India, Tata Motors established the "Tata Motors AutoMobility Collaboration Network 2.0" for startups in September 2019, with the goal of developing industry-related goods such as blockchain and artificial intelligence Solutions.
Automobile parts and components are generally vulnerable to damage, theft, and delivery loss, among other things. The manufacturer may be unaware of these faults or may fail to take the appropriate precautions even if they are aware of the component. The OEMs can use blockchain to keep track of these components, including their original manufacturer and current modifications. As vehicles are becoming more vulnerable to cyber-attacks with the desire for linked vehicles and automation increasing. Blockchain's robust cryptographic structure makes it impossible to reverse engineer and provides a secure storage space for data. The high level of encryption in blockchain ensures that vehicle telematics data is kept safe.
In a decentralised network, blockchain allows for the safe and transparent storing of sensor data from a vehicle. This aids in the accurate capture of data in the event of an accident, making insurance claims a breeze. While using other automobile services such as car sharing, blockchain could allow for the exchange of insurance profiles.