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Blockchain helps improve customer experience to disrupt the traditional automotive industry business model

Smart Cars, Autonomous Technology, and Shared Mobility are set to become the future of the automotive industry, making it imperative for OEMs to stay nimble as they pursue new business avenues.

Blockchain technology can be a key enabler of benefits to the customers and Automotive industry, due to its strategic application, scalability and flexible nature. Primarily associated with cryptocurrencies, blockchain is a decentralized, distributed and digitally-empowered public ledger, for maintaining transactional data. Blockchain disruption in areas of the acquisition lifecycle, ownership models, services, subscriptions, and loyalty programs, can help overcome missed opportunities in the Auto industry, only to redefine its business models and help accelerate gains in the future.

A report by Avasant, a leading management consulting firm, shares insights on how Blockchain can help in some of these aspects of the automotive business model:

  1. Simplifying the purchasing lifecycle
  2. Facilitating fractional ownership & shared mobility
  3. Allowing micropayments, while creating new revenue streams
  4. Enabling family accounts and subscriptions
  5. Making loyalty programs more attractive

“We are only beginning to see that the automobile is no longer just a vehicle to get you from one place to another. The automobile is now a platform for delivering all sorts of services to the driver and passengers. The value to customers and benefits to the industry are huge,”

Kevin Parikh, CEO, Avasant.

Download this exclusive report prepared by Avasant and LTI.

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