Blockchain, being an emerging technology, is in a constant state of evolution. It has started gaining hold on various areas of automotive sector due to its ease in adaptability. This has opened up avenues for further research thereby deeply exploring its pros and cons to develop several use cases and ensure full utilization.
With increasing peer networks, every blockchain architecture will need to develop multiple PKs that will ensure seamless communication between individual vehicles as well as the infrastructure (Dorri et al., 2017)?.
Management of these identifiers will be a challenge that can introduce scope for further research. One of the major setbacks that follows blockchain is the processing overheads which can delay the practical implementation of the technology. By efficiently managing the data storage and downloads from the cloud through the use of cache the issues can be significantly reduced which will certainly open up many research cases (Dorri et al., 2017)?.
In order to ensure the use of blockchain to a wider scale of applications, it would be interesting to explore new mobility methods which will reduce problems of large computational time and costs (Dorri et al., 2017)?. Co-existence of IoT and Blockchain will improve current applications like remote vehicle diagnostics and smart contracts to create an intelligent and efficient platform for data sharing (Sharma et al., 2018)?. With the development of an individual ecosystem which is customizable as per user requirements, a balanced system of power can be obtained among manufacturers and developers (Sharma et al., 2018)?.
In the initial phases of blockchain development, every organization began creating their own methods and standards according to their applications and use cases.
With a standardized regulatory framework all the blockchain based applications can work under a common domain (Sharma et al., 2018)?. This will also help in the dynamic expandability of the network along with the increased number of databases working in cohesion (Sharma et al., 2018)?. It will also assist in creating a structurally adaptable system for newer networks to be launched on the databases (Sharma et al., 2018)?.
With the use of a shared and distributed database, called blockchain, key automotive subdomains can successfully implement newer technologies that faced some serious sustainability challenges due to loss or theft of private data. The blockchain technology has demonstrated several applications for the automotive industry that not only ensure automotive data sharing and security services but also help in the valuation of products, building trust among working entities and increasing profit margins for business organizations by minimizing liability and overhead costs. In spite of all the breakthroughs that this technology brings along, it faces certain technological barriers, which with further research can be overcome. Thus, the paper explores the technology of blockchain to assert that its implementation in the various sectors of the automotive industry will change the face of automobiles and the areas surrounding their development bringing into reality all the different advancements that once seemed futuristic.
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