This year, all signs are pointing that the automotive industry will further be more than just an industry about cars. Self-driving vehicles are not merely a part of the imagination as many companies are striving on it, and soon such cars will become accessible to the general public. Cars will interact with each other and exchange data about the weather and traffic situation. The fact is that the automotive industry is evolving and blockchain will make a significant impact on that transformation. The blockchain will be the next influential concept, and it will not skip this industry.
Leading enterprises all around the world are working to stay on top of innovation. The automotive industry is not an exception, and these days they are considering and applying blockchain technology. SophiaTX, as the first open source platform, to integrate blockchain technology with any enterprise system will make all these advancements possible.
SophiaTX Is Advancing Businesses With Enterprise Blockchain
Various ERP vendors and technology companies are investigating the utilization of blockchain in a multitude of different sectors including the automotive industry. The approach contributed often takes them to either private or consortium based approaches which do not provide to open holistic collaboration across enterprises and value chains. The approach by SophiaTX extends a valid and open public blockchain, which is importantly more beneficial in addressing the entire value chain providing businesses of all sizes to engage and collaborate. SophiaTX Blockchain gives flexibility and allows quickened adoption by end users via standardized building blocks, process flows and uses case designs.
The overall adoption is facilitated by setting a well-managed ecosystem of players comprising technology partners, blockchain engineers, and ERP consultants as well as internal business IT leaders who are accountable for the adoption of advanced technologies.
The SophiaTX Blockchain accommodates different learning, development, and deployment tools for the whole community including:
– Use case design, process flows, business scenarios
– Integrated development environment (SDK and API)
– Advanced encryption capabilities for protecting information held by a 3rd party
– End-to-end solution builder for business with no requirement to understand the inner workings of the blockchain
Advancing the Automotive Sector
Transactions executed on the blockchain are reliable and can be processed faster compared to using other technological framework. The services offered on top of the blockchain are fast and very reliable. The vehicle becomes a component of the blockchain and interacts with it directly.
SophiaTX blockchain could provide to this industry increased transparency and improve performance. Its advanced technology could speed up and enhance the efficiency of processes, as well as facilitate users on a micro and macro level to access and update relevant information associated to vehicles and their parts.
It can initiate a system of innovative possibilities for the automotive industry. OEMs can apply blockchain technology as a platform to improve their entire cybersecurity for vehicles, verify software bills of materials, allow secure micropayments, strengthen identity management and develop data validation. SophiaTX Blockchain will heighten the levels of trust and security essential for a self-driving future.
Partnership With Malaysia Automotive Institute (MAI) And Crypto Valley Malaysia (CVM)
SophiaTX has been extensively developing and thus bringing in more partners proving its efficiency in all industries utilizing the blockchain technology.
On November 27, 2018, the Malaysia Automotive Institute together with an established Hybrid Exponential Technologies research and innovation center called Crypto Valley Malaysia, has signed a Memorandum of Agreement (MoA) aiming to roll out blockchain technologies and initiatives directed at pushing forward the national Industry4WRD policy.
The CEO of Malaysia Automotive Institute, Dato’ Madani Sahari believes that the industry starts to recognize the immense potential of blockchain and how it can conceptualize the automotive industry which is significant for governments and businesses alike to adapt as technology develops through strategic partnerships to make transportation more efficient, affordable, convenient, safer and greener. It is what they aim to advance together with CVM.
The partnership roadmap converges on developing supply chain productivity and modifying after sales and service sector through reputation economy 2.0 by integrating the SophiaTX blockchain with business applications, such as SAP, and other new technologies to speed up the industries of the future ecosystem.
Co-founder of CVM, Effendy Zulkifly also asserts that by the deployment of SophiaTX blockchain, they aim to achieve greater efficiencies, facilitate higher collaboration along the value chain and reimagine new business models, particularly when it comes to ownership and value of shared assets.
Both organizations will adopt the SophiaTX blockchain to approach common automotive issues such as:
– The opaque end-to-end supply chain visibility with insights on outlined and current demand.
– Traceability of critical items and inventory, limitations of supply at any desired level of the product hierarchy, and improper management of changes to placed orders.
They consider that the application of blockchain-based applications in supply chain management streamlines distributing of data and guarantees both the accuracy and availability of information among parties in multi-tier supply ecosystems.
Since inception in 2017, they have been advancing on SophiaTX blockchain to guarantee that it has the inclinations to compete in the industry 4.0 era. Now they are noticing the result and are ready to take its blockchain to the national automotive and mobility space to operate greater transparency of accurate data between different parties, to develop timely logistics, to validate the authenticity of spare parts, and diminishing inaccurate orders. These all confirmed by Choo Kok Weng, APAC Regional Director of SophiaTX.