Jul 12 2018
Blockchain, the Automotive Industry and a Novated Lease
Blockchain. You’ve probably heard about it by now, so what is it?
No, it’s not another term for novated leasing – the short version is that it’s a new technology that is almost impossible to hack. Blockchain works in a way that removes the need for a ‘middle man’ when it comes to making transactions and purchases and increases data privacy. This is just the beginning and possibilities are infinite:
Blockchain could change the way we drive.
The automotive industry is quickly catching on and making plans to get the most out of blockchain tech. “MOBI (Mobility Open Blockchain Initiative) is a not-for-profit foundation looking at applications for blockchain in what’s now known as a mobility sector, ranging from the car industry to public transport and even toll roads.” Companies including Toyota, BMW, Ford, Groupe Renault and General Motors are among the few who have jumped on the bandwagon.
“Chris Ballinger, chairman and CEO of MOBI, hopes to create a more open platform for users, owners, mobility service companies, and infrastructure providers to control and monetise their assets and data.” Imagine how this would impact on how you manage your novated lease!
“Blockchain and related trust enhancing technologies are poised to redefine the automotive industry and how consumers purchase, insure and use vehicles,” said Ballinger. Toyota is already working on “blockchain technology to create an open platform where users can control their driving data.” This means that we will be able to monitor our driving and spend in more detail than ever before.
Managing your running costs under a novated lease will be taken to a whole new level!
Tech is booming, and good things are coming to the automotive industry.
The way we drive will be changed for the better.
Written and compiled by Tamara Bouzo