The financial world, at the moment, was going through one of its worst crisis periods in history. With stocks falling to all-time lows and Bitcoin going against the ‘safe-haven’ concept, 2020 has been nothing short of dramatic.
As the world learns to cope with the coronavirus crisis at hand, some companies were venturing into uncharted territories to create a more sustainable financial ecosystem. Tesla and BMW, two of the biggest names in the automobile industry were the latest entrants to the blockchain technology. The organizations intended to use decentralized technology to improve their native processes.
Elon Musk’s Tesla was recently involved in a blockchain pilot project that sought to improve sea waybill information. This was done so that all the participants in the program who owned large shipping companies could easily transport goods without the logistical hassle. Using blockchain technology, shipping containers filled with Tesla auto parts were able to be released faster with accelerated cargo pick-up.
According to reports, Tesla used CargoSmart which claimed to improve features such as display, appointment date fixtures, and terminal release date fixtures. With this inclusion, shippers will be able to have better visibility and track of all their cargoes. Lionel Louie, the Chief Commercial Officer of CargoSmart stated:
“The GSBN aims to accelerate digital transformation of the shipping industry. It intends to provide a platform for all shipping supply chain participants to work collaboratively to accelerate technology innovation and develop solutions through trusted and secure data exchange platforms.”
CargoSmart uses Hyperledger Fabric to cater to customer needs across the board. Hyperledger was used so that global connectivity could be achieved quickly. Aside from Tesla, BMW was the other automobile honcho wading into blockchain waters. The German carmaker revealed that they will be looking into blockchain to optimize their processes from A to Z.
Andreas Wendt, a member of the BMW AG board of management informed shareholders that their latest blockchain initiative will be called ‘PartChain’. PartChain is set to take care of the digitization aspect of BMW Group’s purchasing wing. The company envisions to create an open platform that will allow data within supply chains to be shared in total security and privacy.
Using PartChain, BMW plans to add an extra layer of secure and verifiable data. As an initial test, BMW used the technology to trace parts such as the front lights with later tests set to cover other sectors as well. BMW has partnered with 10 other companies, to begin with as the Bavarian company reiterated on its mission to change the manufacturing game.
Experts have said that blockchain technology would enable big companies to cater to a larger customer base. New technologies such as smart contracts and blockchain come with benefits such as improved cost savings and traceability. The cryptocurrency community now has to wait with bated breath to see if more companies will follow suit and adopt disruptive technologies such as blockchain.