The Impact Of Blockchain On The Automotive Industry

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As technology continues to evolve in the 21stcentury, cars and vehicles are becoming much more than just a mere mode of transport. Nowadays, we hear news of the latest models in the automotive industry. Complete with onboard sensors and smart technology, it is no longer a huge surprise to see vehicles operating with data centres and computers that capture and process information.

When blockchain technology first emerged into the world, various executives in the automotive sector had their misgivings and hesitation towards it. However, blockchain started to gain momentum after a few years in the industry. Major businesses and corporations realised the true impact and benefits blockchain could bring to the table.

What does blockchain bring to the automotive industry?

  1. Blockchain technology enables the manufacturer to have complete tracking of car parts and pieces. This minimises the risk of parts being stolen, damaged, modified, etc. As blockchain carries the data of the piece’s origin, manufacturers can tell if a manufacturing defect had occurred or if any modifications have been made to the piece. Supply chain processes can be significantly streamlined, especially those that depend on compliance and regulatory approvals.
  2. The financial and transactional processes can be streamlined via blockchain technology. Processes that rely on manual data insertion can be efficiently updated throughout the lifecycle of a vehicle.
  3. Blockchain can be used to store data throughout the car manufacturing process. Be it quality-check records or bills of lading for car components, information that is important for each vehicle assembly can be safeguarded and accessed with convenience.
  4. The more connected a car is, the greater the risk of being targeted by malicious cyber attacks. Cyber security companies offer the strong cryptography of blockchain that prevents data from being changed or accessed by the wrong people. With a blockchain-based system, data can be securely exchanged between smart homes, software vendors, vehicles and others. Blockchain offers a decentralised model in approaching smart car connectivity, reducing any problems that would be caused by a single point of failure.
  5. With blockchain, identity access management for carsharing is made secure. Personal settings and profiles can be saved in the vehicle, without being leaked to unauthorised parties. The carsharing procedure for users can be simply facilitated via a single registration point in the blockchain.
  6. Rental companies are able to monitor via blockchain if the cars are in maintenance, cleaning, etc. They would be able to tell what is happening and conduct a follow-up on the car.
  7. Several processes in the vehicle leasing and financing section can be automated and optimised, thanks to the creation of blockchain-based smart contracts.
  8. For car owners, using a blockchain registry would result in easier verification of the car’s history, therefore providing full transparency when purchasing a car.

As you can see, the technology of blockchain has brought numerous advantages to the automotive sector. The list of benefits is not exhaustive and the industry is sure to continue finding innovative ways to enhance and streamline operations.

Blockchain Technology: Finding A Counter To Identity Theft

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Beyond the military, no other industry has a greater need for strong multistep processes for security than the sector of identity and access management (IAM). As globalisation ushers in a new age where services across different geographies and domains are required to be integrated, IAM software has to constantly innovate itself and keep up to the current trends of cybersecurity.

With many operations and business requiring users to pass along their most sensitive data, it is crucial for IAM systems to ensure that any number of the centralised databases being used will not be compromised. Identity theft has been a major thorn in the side of the digital security sector. With theft of identity and cases of fraud and data breaches threatening to increase in frequency and number, IT security departments have to work against the clock to constantly update and fortify their existing security systems.

But with the advent of blockchain security, the digital security world may finally be able put an end to identity theft. With blockchain technology, self-sovereign identity can finally be materialised. What does self-sovereign identity mean, you may ask? It refers to individuals being able to control their personal data, regardless of where they are. Through the ability to regulate information and prevent duplication, blockchain security will be able to nip the problem of identity fraud in the bud. Incorporating a blockchain ledger to store and manage identities makes it harder for hackers to access and steal information without leaving a clear digital trail.

How does the blockchain technology work? It is simple. Using modern cryptography, each block is built upon the previous block along the blockchain. The nature of this ledge is therefore immutable, as every change to information that has been stored in the existing blocks is logged and associated to an individual. This makes it difficult for malicious attacks to occur, preventing identity theft from happening.

As a result of the immutability afforded by the blockchain ledger, every individual involved and participating in the database is empowered and holds complete control over their personal data. Because of the decentralised nature of databases under blockchain security, individuals can be assured that their identities will be far out of reach from external third-party hands, managed only by the most trustworthy.

For most organisations, the credentials and identities of existing employees are entrusted to custodians and servers that are external or owned by employers. However, corporate hacks are common occurrences, especially for giant corporations. In recent times, many major businesses have had their servers hacked, exposing their customers and employees to serious breaches of data.

This has proven the need for a decentralised database. Why? When the database is no longer managed as a central entity, login credentials are now filtered through blockchain permissions, making the process for verification and login authorisation more stringent. In addition, the individual will be able to ensure the accuracy of their personal details and update them in real time.

Blockchain technology has begun to revolutionise the way identity is managed and secured nowadays. Organisations should be motivated to invest in blockchain, to protect their businesses.

The Influence Of Blockchain Technology In IAM Systems

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A technology that is still quite nascent, Blockchain is a decentralised database in which all managing systems store an identical replica of all the data. Like a chain, each block of information is inseparably linked to the previous one, forming a chain of information blocks that keeps on growing. The blocks on the block chain can never be changed. They are secured and bound to each other through cryptographic principles. This results in Blockchain being ideal for serving as a distributed ledger.

It is the best scenario for storing and archiving information that is shared and managed by a cluster of parties that do not fully trust one another. Its immutable manner of storing data ensures that all data cannot be deleted or modified. In addition, it offers transparency and visibility, with a record of time-stamps.

It is precisely this form of data-sharing that enables cryptocurrency to exist, as it is not controlled by a government or a nation-state. In today’s era of technology and information sharing, it is not a revelation that blockchain for business is being applied and used for its efficiency. With its capacity to support pseudo-anonymous transactions, it is also versatile that it can be used in a wide range of industries.

The role of Blockchain in IAM

Blockchain technology has gradually been harnessed into the sector of identity and access management (IAM). As it can be used to create a platform that secures individual identities from being stolen or becoming victims to fraudulent activities, businesses have enlisted the help of blockchain technology to deal with issues of authentication and authorisation.

Under blockchain technology, individuals are granted the freedom to create digital identities that are encrypted. Not only does this means that multiple usernames and passwords will be replaced, but it also offers more comprehensive security features that will be able to save time and resources for customers and institutions alike.

Individuals can create identities that are fully controlled and personally maintained by them and no one else. With such self-sovereignty, it becomes much more difficult for identity theft to happen, which is a common obstacle for traditional IAM systems. As authority is decentralised, the use of blockchains allows for a decentralised method of registration. As a result, their identity cannot be tampered or controlled by an external party without the individual’s permission.

Furthermore, given that blockchain technology is based on the concept of decentralisation and distribution, the cost and management of external identities can be eliminated. It has been proven that automating the synchronisation of centralised identity data within and without the organisation is not cost efficient. The impracticality rises when one has to take into consideration the external identities and users.

Moving towards a future of blockchain, digital identity issues and hurdles faced by existing IAM systems can be overcome. One current option is the implementation of a hybrid blockchain. Better suited for commercial sectors or highly regulated environments (e.g. enterprises and governments), hybrid blockchain ensures flexibility and control over data. As blockchain technology continues to emerge, the future of identity is sure to be revolutionised.