Is an Automotive Breakthrough Closer Thanks To Blockchain?

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Is an Automotive Breakthrough Closer Thanks To Blockchain?

It looked like blockchain was introducing solutions only for online operations. Now, however, it can help improve everyday devices.

A breakthrough in the automotive industry

Researchers from the University of Waterloo have developed a system that, with the aid of blockchain, will help prevent overcharging in electric cars. This is an innovative solution for the automotive industry which can make it possible to start new projects based on distributed technology. University workers have been researching blockchain for a long time now. What was studied, were mainly smart contracts focusing on trust issues. When it comes to electric cars, the most important thing is trust in electricity suppliers. The research that the university has carried out has shown that this is where the major problem exists. And this is where blockchain proves to be useful - it is supposed to help all parties obtain the most important, and above all coherent and reliable, information. The drivers will know if the energy supplied to their cars will overcharge the machines, and energy suppliers will find out if they are properly paid for the services they provide.

How to help the energy industry

Researchers from the University of Waterloo have developed three steps that are necessary for successful implementation of blockchain into the energy industry. Firstly, it is essential to identify the needs of all parties involved in the contract and examine their level of mutual trust. There is a need to focus on those levels of trust that are not sufficient enough to satisfy both the drivers and the energy suppliers. Secondly, the existence of blockchain infrastructure is required. The blockchain phase based on smart contracts can be minimalistic, but it must resolve trust issues through a fully transparent distributed ledger. Thirdly, if blockchain solutions work properly, the rest of the system can be moved in stages over time. According to one of the employees of the university, sticking to the example of electric cars, this solution can make more people become owners of charging stations who want to cooperate with car makers. As a result, the entire industry will learn more and more about stations, cars, and new solutions.