Blockchain in the automotive industry — insurance

Insurance and blockchain

Automated Insurance Claim Processing

  • vehicle safety, data security — the more connected a vehicle is, the more susceptible it becomes to potentially fatal cyber attacks. Thanks to blockchain’s strong cryptographic roots that cannot be reverse-engineered. This is the perfect place to store data since it cannot be changed by an unauthorized person.
  • telematics- in the connected car era, telematics includes software-based navigation, vehicle-to-vehicle (V2V) communications, and a range of other services that could affect vehicle safety and passenger security. Blockchain can be used to keep the data which was sent and received by the telematics systems safe. The advanced level of encryption prevents hackers from viewing or using this data.
  • authentic service records — estimating the resale value of the vehicle and helping manufacturers validate the insurance claims rely largely on the service record of a vehicle. However, the service records can be forged, edited or manipulated by the customer or any third party to benefit credits that have not been deserved. A Blockchain based system will enable service events details to be stored in a shared ledger that all parties have access to. This transparency of information about a vehicle’s service history enables the second-hand buyer or the manufacturer to evaluate the vehicle more accurately. Furthermore, real wear and tear would help the auto finance provider to more accurately gauge the residual value of the vehicle as the lease approached its end of contract date.

Conclusion

Did you like our article about Blockchain in the automotive industry? Continue reading the story here.

--

--

--

Cryptocurrency market data overview and research platform.

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

DPoS & mFBA

SALZBURG HACK: A 12 HOUR SPRINT TO BUILD A BLOCKCHAIN MUSIC PRODUCT

Sad truth about Smart contracts private life

It’s finally here — The First Decentralized Mobile Wallet for The Cosmos Hub

AMA RECAP: BLOCKCHAIN INFINITY X UMBRELLA NETWORK

Weekly Update #17

Ontology Providing DID Solutions to Music Streaming Platform, ROCKI

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
CryptoCurrency

CryptoCurrency

Cryptocurrency market data overview and research platform.

More from Medium

What do you think of AM? How can we improve?

Calling all WomXn to Miami! [your chance to get a scholarship ✈️]

CS371p Spring 2022: Christopher Carrasco — Week 9

REACH Intro and Summit 2022