19 Feb 2025

light mode

How blockchain can change the global auto industry

How blockchain can change the global auto industry

The potential for using blockchain in the automotive industry goes far beyond trading cars for crypto. Auto giants are closely following the development of blockchain technology and are ready to actively use its potential. What’s more, perennial competitors have banded together to standardize industry-wide blockchain adoption.

On this page

Can you buy a car with crypto? People want to use bitcoin for big purchases, so car companies have started giving them that option. True, there are no car manufacturers, all dealers of which accept cryptocurrency payments. But in some car dealerships of the world's largest brands, it is already possible to pay with crypto, mainly in Western countries. These are Rolls-Royce, Bentley, Bugatti, Lamborghini, Aston Martin dealers, etc. You can pay for a car with cryptocurrency without problems in Ukraine, mainly in the second-hand market. At the same time, the auto industry giants are focusing on using blockchain technology to improve business processes.

Blockchain will be the basis for the car market functioning soon

It all started with automakers experimenting with blockchain proof of concept. But 4 years ago, the Mobility Open Blockchain Initiative (MOBI) was launched at the Future Blockchain Summit in Dubai. Leading automotive companies, including BMW, Renault, General Motors, Ford, and others, founded this consortium. The share of MOBI founders in the global production of vehicles exceeds 80%. Despite the market competition, all participants saw the need to work together and standardize the use of blockchain across the industry.

Today, MOBI's open blockchain innovation development model includes the following areas:

  1. Vehicle identification (Vehicle ID)
  2. Mobility and insurance
  3. Introduction of electric vehicles
  4. Finance, securitization, and smart contracts
  5. Supply chains and others.

Most of the MOBI working groups have already created relevant industry standards. Soon they will become the basis for interoperable decentralized mobile applications. What will it look like in practice?

What problems of the car market will blockchain solve?

Thus, the vehicle ID will provide access to all vehicle data, starting from the assembly line. Ownership history, accidents, overhauls, mileage… Implemented using blockchain technology, Vehicle ID ensures that all information is entirely authentic. And for example, buyers of used vehicles will be able to independently check the car's history and avoid unpleasant “surprises”. And data on the current technical condition of the car will be helpful in repair shops.

The exchange of traffic accident data will make communication between insurance companies and customers more efficient. Any fraudulent claims will be detected much faster. Blockchain will also simplify the conclusion of insurance contracts and the collection of related documents.

It’s also a solution for recalling a batch of cars due to a malfunction discovered by the manufacturer. If the car has already been sold, it is difficult to track its further “path”. Blockchain will provide a proper system for informing the car owner about the situation that has arisen.

Another example is the automaker's control over supply chains. Even the industry giants are not immune from dishonest or fraudulent actions on the part of counterparties. Information about the volume of deliveries, the goods origin, mutual settlements, etc. may need to be more reliable. Blockchain provides transparency and immutability of data at all stages of production – from the search for raw materials and components to information about the operation of a specific assembly line or technical control of manufactured products.

The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.

Articles by this author
MEMX Files for SEC Approval to List XRP ETF from 21Shares

MEMX Files for SEC Approval to List XRP ETF from 21Shares

The U.S. market is seeing a wave of altcoin ETF applications, and MEMX is the latest player to join in. The exchange has filed a request with the SEC to approve the listing of the XRP ETF introduced by 21Shares, a major name in crypto investment products.

The Coinomist
Bitcoin Bull Run Is Just Starting as Institutions Buy In

Bitcoin Bull Run Is Just Starting as Institutions Buy In

A recent Bernstein report suggests that Bitcoin could soon see strong upward momentum, driven by increasing institutional investments.

Anton Kryshtal
Mystery Coder Burns $7M in ETH—Calls Out Brain-Tech ‘Weapons’

Mystery Coder Burns $7M in ETH—Calls Out Brain-Tech ‘Weapons’

A mysterious figure, Hu Lezhi, has publicly burned millions in ETH, alleging the existence of an underground organization manipulating human consciousness.

Anton Kryshtal
Lawmaker Attacks Trump’s Meme Coin, Musk’s DOGE

Lawmaker Attacks Trump’s Meme Coin, Musk’s DOGE

Democratic Congresswoman Ayanna Pressley has criticized the DOGE agency and Trump’s meme coin, arguing they represent a dangerous shift in financial oversight.

Anton Kryshtal
Weekly Analysis of BTC, ETH, and the Stock Market (Feb 18, 2025)

Weekly Analysis of BTC, ETH, and the Stock Market (Feb 18, 2025)

An overview of BTC, ETH, XAUT, and S&P500 charts, and the current cryptocurrency market dynamics.

Artem Khomenko
Weekly Analysis of BTC, ETH, and the Stock Market (Feb 10, 2025)

Weekly Analysis of BTC, ETH, and the Stock Market (Feb 10, 2025)

An overview of BTC, ETH, XAUT, and S&P500 charts, and the current cryptocurrency market dynamics.

Artem Khomenko
Weekly Analysis of BTC, ETH, and the Stock Market (Feb 3, 2025)

Weekly Analysis of BTC, ETH, and the Stock Market (Feb 3, 2025)

An overview of BTC, ETH, XAUT, and S&P500 charts, and the current cryptocurrency market dynamics.

Artem Khomenko
Solayer: A Cutting-Edge Restaking Protocol on Solana

Solayer: A Cutting-Edge Restaking Protocol on Solana

Solayer expands Solana’s blockchain capabilities through restaking, offering advanced security solutions for dApps. While development started in spring 2024, the project gained significant attention only recently after the LAYER token airdrop.

The Coinomist
How to Bump a Transaction in the Bitcoin Network

How to Bump a Transaction in the Bitcoin Network

Sometimes, Bitcoin transactions can get “stuck,” especially if a low fee was set. In such cases, you might wonder: Why is my Bitcoin transaction stuck?

bitOn
Inside Cryptocurrency Farms: How Digital Coins Are Mined

Inside Cryptocurrency Farms: How Digital Coins Are Mined

Cryptocurrency farms and mining have evolved significantly since Bitcoin launched in 2009. To understand their growth, it helps to look at the broader history of resource extraction.

The Coinomist
From Bulls to Ballers — Why Celebrities Are Flocking to Crypto

From Bulls to Ballers — Why Celebrities Are Flocking to Crypto

Trump’s meme coin isn’t an outlier—it’s part of a broader trend. Back in 2021, celebrities were minting NFTs, and by 2024, they had moved on to personal token launches. The connection between fame and crypto has been growing for years, even if many failed to see it.

Vlad Vovk
Which Macroeconomic Factors Make Crypto Rise or Fall? 

Which Macroeconomic Factors Make Crypto Rise or Fall? 

It happens when you check the market and crypto prices are up or down for no obvious reason. Then you do some research and find out that there are actually reasons outside the crypto space.

Anahit Avetisyan
How Blockchain Helps Combat Disinformation

How Blockchain Helps Combat Disinformation

Fake news has become a global issue, shaping public opinion, fueling social tensions, and even influencing political decisions. With the rise of social media, the spread of misinformation has accelerated, making it increasingly difficult to regulate. However, blockchain technology offers a promising solution in the fight against fake news.

Daryna Nesterenko
Pantera’s Tax Probe: A Wake-Up Call for Crypto Investors

Pantera’s Tax Probe: A Wake-Up Call for Crypto Investors

Dan Morehead, the founder of Pantera Capital, is under investigation by the US Senate Finance Committee (SFC) over $850 million in crypto profits. The key issue is whether he avoided U.S. taxes by moving to Puerto Rico, a well-known tax haven for crypto investors.

Anahit Avetisyan
The Bitcoin Kid’s 2011 Prediction – How Right Was He? 

The Bitcoin Kid’s 2011 Prediction – How Right Was He? 

In May 2011, an unusual video surfaced on YouTube. A 12-year-old boy explained Bitcoin – how it works and what its future might hold.

Anahit Avetisyan
MORE
«Mass Adoption Isn’t About Tech – It’s About Perception». Bitmedia Founder Matvii Diadkov – About RWA, Web3, And Marketing

«Mass Adoption Isn’t About Tech – It’s About Perception». Bitmedia Founder Matvii Diadkov – About RWA, Web3, And Marketing

Matvii Diadkov, founder of Bitmedia, shared with us in an exclusive interview his expert insights on Web3 adoption, impact of GameFi and community-centering tendencies in the market.

The Coinomist
“Satoshi is CIA”: Swedish crypto bro opens up about his Bitcoin journey

“Satoshi is CIA”: Swedish crypto bro opens up about his Bitcoin journey

The first crypto craze took place almost a decade ago. Overnight, many people found out about Bitcoin and its underlying technology, blockchain.

Lesia Dubenko
MORE