Blockchain has the merit of game-changing traceability and security features. With the internet of things (IoT) and artificial intelligence, customers would be able to drive into a dealership for rim repair with automated check-in and check-out process and decrease the wait time.
The mechanics would have already set up a preferred rental replacement and pulled replacement tires out. This could all be handled with smartphones. Luxury concierge service will help to set car manufacturer apart from its competitors. However, these services require a large amount of data, which raises privacy concerns.
As per the IBM Institute for Business Value, 62% of consumers consider one car brand better than the other if it provides better security and privacy. The principles commit Alliance members to:
• Respect for context
• Data minimization
• Integrity and access
• Data security
Blockchain is considered as the silver bullet for a number of problems, such as big data, traceability, hackability, and human error.
Blockchain may offer a solution to privacy concerns as the “integrity and access” principle adopted by the Alliance takes the commitment of participating members to commit to implementing measures for maintaining the accuracy of Covered Information and also offering reasonable means to owners and registered users to correct and review Personal Subscription Information.
The immutability of data is one of the many aspects that make blockchain unhackable. The virtual immutability of blockchain data ensures that data is not tinkered with. Any corrections that take place are accurately reflected as such, and preexisting data cannot be erased.
When combined with decentralization, which is the hallmark of blockchain technology and cryptography designed to muddle (if desired) the terms of transactions and participants, blockchain may offer solutions to cybersecurity issues that disturb business operations.
Security is a concern for every user, and blockchain can help by providing the utmost security features.
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