Blockchain and data privacy - who does your information belong to?
Of course there is a debate around whether people actually own their personal data, or not. Regardless of the answer, people want more control over their personal data, who they allow access to it, and what is done with it. Blockchain technology might just be the answer.
Automakers and industry stakeholders need to co-operate and work together to unlock this immense potential that blockchain technology holds. VINchain’s long list of partners is testament to this, as it allows them to offer services such as reduced insurance premiums, vehicle history reports, and car services (purchased with VIN tokens).
Blockchain technology is already having a massive impact on the automotive industry. From manufacturing to insurance, and many more potential applications, blockchain is changing the industry for the better. Along with immutable data, so-called ‘smart contracts’ is changing the way we experience vehicle ownership.