How Is Blockchain Technology Helping Automotive Industry?

Blockchain technology refers to a decentralized database that stores data in blocks that are chained together. The newly generated data is stored in a fresh block. After a block is filled with data, it is linked to the previous block, thereby enabling the storage of data in a chronological order. Since decentralized blockchains are immutable, data entered in blocks are reversible and cannot be accessed through unfair means, as it is extremely difficult to go back and alter the contents unless a consensus is attained among the majority. 

Automotive Blockchain Market

Owing to the high security offered by the blockchain technology, it is being increasingly adopted by the automobile industry, as huge volumes of data are produced in this sector. Moreover, the real-time monitoring, scalability of information, and auditability offered by this technology will also strengthen the automotive blockchain market in the coming years. In recent years, the blockchain technology has become an integral part of the information technology (IT) domain of the automobile sector. This technology is being used in mobility solutions, internet of things (IoT), connected cars, retailing and leasing, supply chain logistics, and autonomous driving applications.

At present, companies operating in the automotive blockchain market, such as Microsoft Corporation, BigchainDB GmbH, Productive Edge LLC, XAIN AG, IBM Corporation, ShiftMobility Inc., Oaken Innovations, Ripple Labs Inc., Tech Mahindra Ltd., Mesosphere Inc., Project Provenance Ltd., Factom Inc., Helbiz Mobility System PTE Ltd., Ethereum, Context Labs BV, carVertical, ConsenSys, and Accenture PLC, are offering advanced solutions to automakers to meet the rising customer demand. Moreover, the evolving operating models in various automotive functional areas and increased use of data for improving mobility and logistics services will augment the incorporation of blockchain solutions in the automotive sector.  

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Thus, the generation of huge volumes of data and rising need for scalability of information, real-time monitoring, and auditability in the automobile sector will augment the use of blockchain solutions in the foreseeable future.

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How is Rising Data Theft Incidence Contributing toward Growth of Global Blockchain Technology in Healthcare Market?

One of the key factors fuelling the rise in the demand for the blockchain technology in healthcare is the increasing implementation of stringent regulations by various governments across the world for safeguarding and protecting consumer information against data breach and theft. For instance, the European Union (EU) launched a data protection rule, known as the General Data Protection Regulation (GDPR), in May 2018, which aims to protect EU citizens from data and privacy breaches. Moreover, the numerous advantages offered by the technology, such as enhanced data integrity, security, and trust, make it highly sought-after in the healthcare industry.

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The other important factors responsible for the surging implementation of blockchain in healthcare settings are the mushrooming investments and funding as well as the increasing implementation of this technology in the pharmaceutical supply chain. Powered by these factors, the global blockchain technology in healthcare market is expected to advance at a CAGR of more than 67.1% during the forecast period (2018–2023), to reach $890.5 million by 2023, from $44.6 million in 2017. A blockchain is essentially an increasing directory of records (blocks), which are connected together by cryptography.

The biggest rage currently being witnessed in the blockchain technology in healthcare market is the rising number of collaborations and partnerships between the companies interested in incorporating the technology and the providers of the said technology. For instance, a major Estonian blockchain provider, Guardtime AS, announced a deal with NMC Health, which is a U.A.E.-based private healthcare company, in January 2018, in order to introduce the technology to the healthcare fraternity and pharma firms the Middle Eastern nation.

Globally, the highest demand for the technology in the healthcare industry was observed in North America in 2017. However, the healthcare sector of Europe is predicted to observe the highest demand for the technology in the coming years. This is primarily attributed to the surging implementation of numerous blockchain initiatives by the major private and public healthcare companies in the region. For instance, the European Platform on Changing Healthcare (EPOCH), which is the first group in the European pharmaceutical industry to adopt blockchain, is evaluating its limitations and advantages in the pharmaceutical supply chain.

Hence, due to the mushrooming need for data security across the globe, especially because of the rising data theft incidents, the demand for blockchain implementation in the healthcare industry is expected to record massive growth in the coming years.

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Blockchain Trend in Auto Industry - Technologies shaping the Future of Auto Sector

The global automotive blockchain market is projected to grow at a considerable rate during the forecast period. This can be mainly attributed to the benefits offered by the blockchain technology in the automotive industry, such as real-time monitoring, auditability, and scalability of information. The application of blockchain in various automotive functional areas is on the rise, as automotive original equipment manufacturers (OEMs) continue to invest in the technology to uncover its potential in the industry.

Blockchain in Auto Industry

On the basis of application, the automotive blockchain market has been categorized into manufacturing, supply chain logistics, retail finance and leasing, mobility solutions, and others. Of these, the market for mobility solutions is expected to witness significant growth in the coming years on account of the rapidly growing shared mobility industry, rise in the consumer demand for advanced mobility services, and inclusion of blockchain in automotive business models.

Based on the type of blockchain used, the automotive blockchain market has been categorized into public, private, and consortium. Of these, the public and private blockchains are the most preferred types, with their applications varying based on the business model adopted. During the forecast period, the market for private blockchain is expected to grow at a considerable rate, as the adoption rate of the technology is higher in the private domain as compared to other domains. Also, public blockchain has low scalability and involves high transaction costs, which make the private blockchain the preferred category in the automotive blockchain industry.

What are the factors impacting the growth of this market?

The major growth drivers for the automotive blockchain market are the benefits offered by the blockchain technology, such as real-time monitoring, auditability, and scalability of information. Also, with growing digitization, the technology has become an integral part of information technology (IT) budgets in the automotive industry. Blockchain in the automotive industry is useful in various areas such as mobility solutions, connected cars, supply chain logistics, retailing and leasing, autonomous driving, and IoT applications. The financial divisions of OEMs are now exploring the technology for financial applications. In the coming years, OEMs are expected to employ the technology in other automotive applications.

Also, various participants in the automotive ecosystem have started taking initiatives toward the formation of consortiums and formulation of policies to comply with the regulatory mandates on a global scale. In the coming years, besides disrupting the automotive industry, the blockchain technology is expected to create growth opportunities and facilitate digital transformation in the industry. Thus, it can be said that these factors are likely to boost the growth of the automotive blockchain market in the near future.

Industry Challenges

The growth of the automotive blockchain market is primarily hindered by the lack of proper legislations regarding blockchain technology applications and data protection. For instance, in European countries, the deployment of the blockchain technology-based applications is restricted by the rights granted to the public/private entities under the European General Data Protection Regulation (GDPR). The blockchain technology and its applications come with several potential technical and economic risks. It is due to this that the governments across the world are concerned about the potential threats that the technology poses to the data protection rights and privacy of individuals.

The global automotive blockchain market is characterized by changing consumer behavior, technological advancements, increased use of data for improvement in logistics and mobility services, and evolving operating models in different automotive functional areas. Although the market is in its nascent phase currently, it is expected to witness notable growth in the coming years on account of the increasing adoption of the technology by automotive manufacturers.

Some of the key players operating in the automotive blockchain market are IBM Corporation, Microsoft Corporation, Accenture PLC, carVertical, Helbiz Mobility System PTE Ltd., Tech Mahindra Ltd., ShiftMobility Inc., BigchainDB GmbH, ConsenSys, Context Labs BV, Ethereum, Factom Inc., Mesosphere Inc., Oaken Innovations, Productive Edge LLC, Project Provenance Ltd., Ripple Labs Inc., and XAIN AG.

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Increasing Funding Driving Blockchain Technology in Healthcare Market

The global blockchain technology in healthcare market attained a value of $44.6 million in 2017 and is further expected to witness a CAGR of more than 67.1% during the forecast period (2018–2023­). This growth is due to the implementation of blockchain in pharmaceutical supply, growing funding and investments in the technology, and increasing number of regulations for safeguarding consumer data. A distributed system which stores records of data transactions completed online is called blockchain. In healthcare, it helps bring together clinical data across multiple healthcare organizations, such as clinics and hospitals.

The blockchain technology in healthcare market is divided into claims adjudication & billing management, drug discovery & clinical trials, prescription drug abuse, drug supply chain management, clinical data exchange & interoperability, and others, in terms of application. Among these, clinical data exchange & interoperability held the largest (40.0%) share of the market in 2017 and is predicted to grow at the highest CAGR during the forecast period. This is because the blockchain technology can potentially transform the sharing and storage of clinical information and data across the total care continuum, including healthcare partners, patients, and payers.

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One of the major driving factors of the blockchain technology in healthcare market is the increasing number of regulations for safeguarding consumer data. Governments across the world are implementing stringent regulations to protect consumer information due to the growing incidents of data breach and theft. For instance, a new European Union data protection rule, the “General Data Protection Regulation (GDPR)”, came into effect in May 2018. The GDPR aims to protect EU citizens from data and privacy breaches, and because of the existence of such regulations, companies across the world have to invest in data security.  

The need for better management of medical data is creating great opportunities for the players in the blockchain in healthcare market. The life sciences and healthcare industries generate and work on huge amounts of data, due to which they are facing problems on several fronts including fragmentation, inconsistency, cybersecurity, and interoperability. The blockchain technology has shown great potential in establishing a healthcare ecosystem that can manage the privacy, security, and interoperability of health data in a better way. In addition, it also assists healthcare providers in delivering better care.

Hence, the rising number of regulations for safeguarding consumer data and increasing investments and funding in the blockchain technology are driving the growth of the market.

GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET SEGMENTATION

By Application

·         Clinical Data Exchange and Interoperability

·         Claims Adjudication and Billing Management

·         Drug Supply Chain Management

·         Drug Discovery and Clinical Trials

·         Prescription Drug Abuse

·         Others

By End User

·         Pharmaceutical Companies

·         Healthcare Providers

·         Healthcare Payers

·         Others

By Geography

·         North America Blockchain in Healthcare Market

·         Europe Blockchain in Healthcare Market

·         Asia-Pacific (APAC) Blockchain in Healthcare Market

·         Latin America (LATAM) Blockchain in Healthcare Market

·         Middle East and Africa (MEA) Blockchain in Healthcare Market

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