Automotive/Internet of Things Interactions
A future of autonomous cars, not to mention “millions or billions” of devices communicating with each other efficiently requires that their interactions and transactions exist on an immutable database of shared, secure, and highly permissioned access. As one example, a shared ledger between automotive OEMs, parts distributors, dealerships, service mechanics, insurance providers, and others could support the ability for parts or equipment within a car to autonomously sense its own needs. For instance, a car could advise the driver about the need for repair, contact remote users for updates or nearby suppliers for replacement parts, negotiate pricing and appointments for service and repairs, authenticate the proper technician, and process the respective payment for services.
Whether an individual, institution, or dealer, few can afford to purchase cars outright; instead, purchasing cars typically requires loans to finance the transaction. Although financing varies somewhat by the nature of the transaction, typical auto financing includes a host of verification steps to which blockchain could be applied for efficiency gains: customer bank validation along multiple phases of transaction setup and execution (in compliance with know your customer [KYC] and anti-money laundering [AML] regulations); issuing letters of credit; review of multiple documents sourced from different locations; investigating actors’ legal structures; scoring and classifying risk; archiving of reviewed documents; etc. In the spring of 2017, Indian automotive OEM Mahindra, created a blockchain incubator focused specifically on the automotive financing use case.
Insurance Claim Processing
The current claims process requires extensive manual documentation, submission, and review resources to verify a claim. Entering these events on a distributed ledger could streamline both claims processing as well as subsequent payouts and service contracts associated with financing and executing repairs. Automotive OEMs could potentially use blockchain technologies like smart contracts or private keys to streamline the filing of certain insurance claims, automatically deploy service technicians, or automate payout.
Rewards programs are a common tool for driving customer engagement, retention, and additional revenue across a variety of sectors, including financial services, retailers, airlines, hotels, grocery, gaming, restaurant, car rental providers, cruises, fuel/convenience stores, and others. But today’s programs leave much to be desired on both sides: for businesses, points go unused and one-time sign-ups do not drive loyalty; for consumers, loyalty programs are rarely integrated and the ability to accrue value is limited. As businesses are awakening to the opportunity to leverage data for highly contextual marketing, the autonomous car represents the next mobile platform, particularly as passengers do more sitting than driving. Companies like loyyal recognize the need for a shared database to manage high volumes of transactions and enable permissioned access and program execution so that loyalty engagements serve both consumers and the numerous organizations with which they interact.
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