Automakers are using blockchain technology to optimize supply chains
Trend - Automakers are leveraging the convenience of the blockchain to eliminate supply chain faults such as human error and paper production. Companies found that storing supply and demand information on digital ledgers results in accurate data updated in real time with no margin of error.
Insight - Pandemic-induced supply chain tensions have led to many technologies and automotive companies finding it difficult to secure enough supply to meet customer demands. The automotive supply chain, in particular, was not prepared for lockdowns around the world, leading to disorganized and unoptimized resource flows. Introducing a managed digital ledger to this industry solves issues of overordering, underordering, and supply being allocated to certain areas over more in-demand markets.
Insight - Pandemic-induced supply chain tensions have led to many technologies and automotive companies finding it difficult to secure enough supply to meet customer demands. The automotive supply chain, in particular, was not prepared for lockdowns around the world, leading to disorganized and unoptimized resource flows. Introducing a managed digital ledger to this industry solves issues of overordering, underordering, and supply being allocated to certain areas over more in-demand markets.
Workshop Question - How could your industry leverage the blockchain to avoid errors?
Trend Themes
1. Blockchain-powered Supply Chains - Eliminating supply chain faults such as human error and reducing paper usage through the use of digital ledgers and real-time data can be applied across industries to reduce operation costs while streamlining resource flows.
2. AI-powered Customer Service - Integrating cloud-based AI and machine learning technology to improve customer service experiences can enhance brand reputation and drive revenue growth.
3. Digitized Document Management - The digitization of important documents such as car ownership documents can reduce the carbon footprint of industries while providing convenient access to data and information for customers.
Industry Implications
1. Automotive Industry - The use of blockchain technology in automaker supply chains, vehicle service apps and autonomous vehicle technology is disrupting the industry by improving operational efficiency and ensuring accuracy of data.
2. Financial Industry - Blockchain-powered supply chain financing ecosystems can reduce lead times and costs in financial transactions among dealers, distributors, and manufacturers for a more seamless process.
3. Technology Industry - AI-powered customer service solutions and blockchain-based platforms offer opportunities for innovation and expansion in the technology industry, driving growth and improved user experiences.
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Date Range:
Sep 22 — Oct 22
Trending:
Warm
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