Blockchain Technology for Automotive Industry - Sofocle
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Automotive

Gearing up the Auto Industry towards Robust and Futuristic Blockchain Powered Solutions

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Automotive

A vehicle comprises of more than 20,000 parts, originating from different manufacturers and suppliers across the globe, coming together to be assembled as one vehicle. The Automotive Supply Chain takes care of making these parts available on the assembly line, making it one of the most complex chains across the globe.

With significant transformations that the Automotive industry is witnessing, the assembly lines are increasing their inputs, offering a bigger challenge to the supply chain to serve efficiently. The traditional model of Automotive Supply Chain is plagued with a number of challenges, ranging from too many stakeholders maintaining data to introduction of counterfeit products across the chain.

All these challenges are somehow inter-linked and growing together, infesting the traditional Automotive Supply Chain. Compliance is one of the most important factors for manufacturers, where not abiding the same may land companies in trouble and putting lives on stake for using vehicles manufactured ignoring the standard compliances and regulations. Counterfeit products are introduced across the supply chain, made without following the international norms and compliances, causing grievous losses to the brands’ repute and lives. Traceability is another factor, hindering the streamlined functionality of Automotive Supply Chain, as the OEMs, distributors and retailers work in silos, without provision of complete transparency of information across stakeholders and end-users. These gaps allow the introduction of counterfeit products in the chain.

These challenges can be addressed through the disruptive Blockchain technology and sofoChain, a Blockchain based supply chain solution, is the key to restructure the Automotive Supply Chain for creating an immutable and secure chain. sofoChain allows only time stamped, transparent and community-consensus based data to be recorded onto the Blockchain, enabling a complete access to all stakeholders and end-users to data, starting from the origin of the chain for each part/product.

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