How can blockchain bring forth seamless automotive supply chain management?

The automotive industry is a complex ecosystem with multiple parties involved in the production, distribution, finance, design, marketing, selling, and servicing of vehicles. By simplifying the supply chain through automated cross-border settlements, automotive manufacturers will experience frictionless supply chains, improvements in logistics costs and lead time, faster shipping, and more straightforward supply chain paperwork and management. By providing enhanced traceability, facilitating digitization, and securing the chain-of-custody, blockchain will improve business for all global supply chain stakeholders in the automotive industry.

Blockchain is here to stay. It will not only accelerate innovation and cut frictional costs, but the technology can offer a seamless decentralized platform where information about every auto part procured from vendors across the world is accessible at the click of a button. Seamless integration with local laws of the country of origin and of destination of the shipments would ensure smooth payments. Furthermore, information related to insurance terms of the shipments, proof of its ownership, patent record (wherever necessary), and custom rules for every port can be securely recorded, tracked, and managed.