Our Innovation Analysts recently looked into emerging technologies and up-and-coming startups working on solutions for the automotive sector. As there is a large number of startups working on a wide variety of solutions, we decided to share our insights with you. This time, we are taking a look at 4 promising blockchain startups.
Heat Map: 4 Top Blockchain Startups
For our 4 top picks, we used a data-driven startup scouting approach to identify the most relevant solutions globally. The Global Startup Heat Map below highlights 4 interesting examples out of 89 relevant solutions. Depending on your specific needs, your top picks might look entirely different.
ARXUM – Supply Chain Management
Automotive manufacturers face several challenges along the supply chain. These include counterfeit parts, defective parts, and tracing these parts back to their original suppliers. Blockchain startups facilitate a way to track and monitor vehicles or parts throughout the manufacturing life cycle. This improves counterfeit detection and transparency.
German startup ARXUM provides blockchain-based solutions for the supply chain of automotive parts, enabling its customers to track parts to manufacturers. They also provide data about various sub-parts and processes used to manufacture a certain part. This helps manufacturers to analyze and optimize production in real-time.
VINchain – Smart Auto Insurance
Fraudulent insurance claims are a major concern for the insurance industry worldwide. New types of insurances that are based on vehicle usage and driver behavior can solve this concern. For autonomous vehicles, new regulations from governments could make it mandatory to install a black box in the vehicle to trace driving behavior. Blockchain technology facilitates smart contracts that rely on data collected by various sensors and the black box. This verifies the credibility of the claims and streamlines payments according to the information stored on the smart contract.
VINchain, a US-based startup, provides solutions that integrate blockchain with usage-based insurance plans. Their products, including as VINchain Vehicle Passport and VINchain Data Verifier, allow insurance companies to access information about vehicle and driver history using a unique number. These products streamline the insurance process as the vehicle information is stored on a blockchain network, making data securely accessible from anywhere.
BitCar – Peer-To-Peer (P2P) Sharing Economy
Automotive manufacturers equip vehicles with trailblazing technologies that make them increasingly more expensive. Moreover, most vehicles are only used for a fraction of the time in a day. This makes vehicle subscription and fractional ownership trends a viable option. In blockchain-based transportation platforms, autonomous vehicles are connected with other vehicles and service providers. This creates a diverse pool of cars with fractional usability and ownership.
Singaporean startup BitCar develops a blockchain-based platform that sells fractional ownership of exotic cars through live auctions on their P2P trading platform. Their platform provides tokens to its users which represent their fraction of the ownership. The value of these tokens varies according to the demand for a particular vehicle, like stock prices of vehicle companies. Additionally, users can trade their tokens and claim full ownership of a car.
Cube – Automotive Security & Privacy
The control of the wheels on the road is transitioning from human to software. Moreover, the rapid increase in connected devices in the ecosystem has exponentially increased the vulnerability in vehicle security. Blockchain-based security platforms protect vehicles from potential cyber and security breaches by incorporating end-to-end, tamper-proof, and decentralized data. With enhanced confidentiality and vehicle data integrity, blockchain improves control over vehicle identity and access management.
London-based startup Cube develops autonomous vehicle technologies based on the blockchain. Their platform SYNAPSE secures vehicle data, such as the personal information of users and GPS coordinates, for autonomous and connected cars. The platform verifies external sources and exchanges data only when the source and network can be trusted with the information.
What About The Other 85 Blockchain Startups?
While we believe data is key to creating insights it can be easy to be overwhelmed by it. Our ambition is to create a comprehensive overview and provide actionable innovation intelligence for your Proof of Concept (PoC), partnership, or investment targets. The 4 blockchain startups showcased above are promising examples out of 89 we analyzed for this article. To identify the most relevant solutions based on your specific criteria and collaboration strategy, get in touch.