Is it time for the automobile industry to adopt decentralized technologies?
By: Gaus Trade
Tags: Blockchain, Automotive Industry, Vehicles, Autonomous Cars

Recently the four largest automobile industries- BMW, Ford, General Motors and Renault formed an alliance with tech providers and start-ups to develop one of the biggest coalitions committed to the application of blockchain technology in the automotive sector. While there have been many attempts previously to transform the automobile industry using decentralized technologies, there was a need for a decentralized business network which is backed by both private and public blockchain systems. Why decentralization was necessary is what we will discuss in this article.

Why decentralize the data?

MOBI, better known as Mobility Open Blockchain Initiative which is headed by Chris Ballinger as its CEO and Chairman, can be seen as the auto industry’s united response to the observation that data produced around cars can be utilized as a valuable resource and blockchain technology can be used to control and manage the data without any manual interference. An average car produces about 25 gigabytes of data in an hour, and this can be categorized as the commuter’s usual driving schedule, their navigation details and weather reports of the areas they visit. While Google has already begun to store the data, Amazon is planning to introduce Alexa into vehicles while Microsoft Azure has its own Car System. As of now, Google and Tesla are already miles ahead of their rivals to tap into data pool and use it for their benefits. Once the data is decentralized, it can be used to deliver benefits to the society like improving road security and reduce congestion on the roads.

According to Ballinger, the CEO of MOBI, sharing this data is the quickest and safest way to bring out self-driving cars onto the roads. That’s where blockchain technology comes into play. Blockchain technology is an inherently secure way of stockpiling and sharing data. The data structure of shared ledgers store the data throughout various devices connected to the network hence making it impossible to manipulate once it is entered in a block. The blockchain structure doesn’t only safeguard the data from possible hacking issues but also encrypts it by hashing it using 256-bit strong encryption, which ensures that the probability of a hacker accessing a data is quite astronomical. Today, using blockchain technology to solve the obstacles of connected car data security is no longer a choice, it’s more of a necessity.

Other benefits of a decentralized platform

A decentralized platform not only provides with a secure option to store the data, but it can also be used to purchase vehicles from a buyer. This can work just like buying goods from a retail store, where the consumer uses tokens to pay the supplier. This exterminates the intermediaries from the equation of purchasing a car. Hence, one can get the same car at a low price as compared to the price quoted by a dealership. Such platforms are a boon for both the consumer as well as the manufacturers.

For the consumers, they may avail low costs, ability to pay for their vehicles in the form of cryptocurrencies and reduced delivery time. While manufacturers get a fully functional online system for selling their vehicle and a reduction in warehousing cost. While there exist many independent platforms that sell and trade vehicles of particular brands, there also exists a platform where one can buy any vehicle of their own choice without going through the hassle of long waiting queues, delivery dates or running from dealership to dealership in search of lowest costs. One can either choose to wander on their own browsing through different websites to find the best option that suits them or can take the word of an experienced person who has been working in the field for an extended period.

One such example of a platform that allows you to access every variety of vehicle available at once is Gaus.trade. Not only do they provide you with a smooth User Interface, but there are also features that you might not find elsewhere. Gaus.trade has created a decentralized, crypto-powered platform that eases many of the obstacles in the path to buying a car directly from the manufacturer. Once you choose the vehicle configuration and model on the website, you’ll be prompted to register for a personal account. Then you can proceed to buy GAUS token for fiat or cryptocurrency through your own account, i.e. you can either exchange your cash or your cryptocurrencies from different wallets into GAUS tokens and store them in your account. Once you make the purchase, the required amount of tokens will be frozen into your account, and you’ll receive a popup window that shows the Date of Manufacturing and Delivery Date of your vehicle. Once your vehicle is delivered, you need to activate it through satellite and verify the accompanying documents and confirm the purchase. Once the purchase is confirmed, the tokens will be unfrozen from your account and get transferred into the manufacturer’s account. Hence, you don’t need to make an advance payment of any sort like you need to do in dealerships, and the money is transferred only after you’ve confirmed about receiving the vehicle along with the authentic and correct documents.

This smooth functionality of Gaus.Trade makes it unique among the rivals. Not only is your money safeguarded until the delivery, the freezing of tokens also guarantees that you need not worry about the fluctuating price of your tokens throughout the period of delivery. They get you your vehicle, at your doorstep while providing you with a discount of about 20–30%.

Is the future here?

The data a car generates is not only a valuable resource for the manufacturers but also for companies that are planning to bring autonomous cars into existence. The mere idea of using blockchain technology to connect vehicles to share data can be seen as a way to eliminate the obstacles that arise in the development of autonomous vehicles. Not only does blockchain technology assure one of a non-manipulated database but it also increases the speed of data transmission.

The time is ripe for application of disruptive technologies in the automobile sector — not only in manufacturing world-class cars, but to transform the way these cars reach the end user. Gaus.trade has taken the right steps in that direction. Blockchain technology holds within it limitless opportunities to disrupt and transform. The trick is to tap into its deepest recesses to find ways to achieve that.

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