Vehicle tracking technology has been around for a while, and has mainly been used for fleet tracking and theft recovery. Recently vehicle tracking has started becoming increasingly popular, especially in the insurance industry where it is changing the way premiums are calculated. However, better insurance premiums and vehicle recovery are not the only ways in which consumers can benefit from vehicle tracking.
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.