Most of us are unaware of the day-in-day-out pain that we suffer on behalf of antiquated tracking of vehicles. We stand in quasi-zombie lines with hundreds of weary owners awaiting paperwork from a government worker. We pay for more expensive insurance to cover the clandestine fraud occurring throughout our society. We unknowingly accept increased product prices to cover the costs of software recalls from cybersecurity hacks or skyrocketing product liability insurance. All of these appear as pocket change to an individual, yet amount to billions in waste in the aggregate.
A new day, though, has emerged in the life of the automotive industry: the beginnings of blockchain that, if cultivated, shall reap additional benefits. That said, considering 75% of the population has no idea what blockchain is and how this traditionally-financial-sector tech will transform businesses, let’s start with a definition, then explain its interesting introduction and finally the likely, future benefits.
The What’s and Why’s Of Blockchain
Long ago at … well … my birth, society only kept records via paper and filing cabinets. There were (and continue to be) several problems with such systems: 1) the entire process is manually intensive, 2) the information is not accessible outside of that location, 3) back-up systems are even more expensive (e.g., copying, sending) and frequently forgotten thereby making 4) restoring information from disasters nearly impossible.
Then along came the computer, and all of those problems went away. Sort of. If a local server wasn’t sufficiently backed-up there could still be issues, but the bigger concern was now cybersecurity. Any online ledger invited hackers to destroy or alter its information.
Continue reading: https://www.forbes.com/sites/stevetengler/2022/02/24/a-new-dawn-blockchain-tech-is-rising-on-the-auto-horizon/?sh=4345150c68af
A new day, though, has emerged in the life of the automotive industry: the beginnings of blockchain that, if cultivated, shall reap additional benefits. That said, considering 75% of the population has no idea what blockchain is and how this traditionally-financial-sector tech will transform businesses, let’s start with a definition, then explain its interesting introduction and finally the likely, future benefits.
The What’s and Why’s Of Blockchain
Long ago at … well … my birth, society only kept records via paper and filing cabinets. There were (and continue to be) several problems with such systems: 1) the entire process is manually intensive, 2) the information is not accessible outside of that location, 3) back-up systems are even more expensive (e.g., copying, sending) and frequently forgotten thereby making 4) restoring information from disasters nearly impossible.
Then along came the computer, and all of those problems went away. Sort of. If a local server wasn’t sufficiently backed-up there could still be issues, but the bigger concern was now cybersecurity. Any online ledger invited hackers to destroy or alter its information.
Continue reading: https://www.forbes.com/sites/stevetengler/2022/02/24/a-new-dawn-blockchain-tech-is-rising-on-the-auto-horizon/?sh=4345150c68af
