Blockchain technology is putting its foot in every domain- from healthcare to the automotive sector. Furthermore, Fortune 500 companies and leading organizations worldwide are working to implement the technology into their current structure.  After several automobile manufacturers, including Ford, BMW, and General Motors, Groupe Renault has come up with innovative methods to execute blockchain within its ecosystem. 

Renault Identifies 20 Blockchain-Based Projects

Groupe Renault has been exploring with blockchain technology since 2015. Utilizing a specific methodology, the company has recognized 20 projects that will be used on the distributed ledger technology. This methodology consists of answering key questions like the new challenges that blockchain can help solve and the pain points that it will be solved by it?

According to Odile Panciatici, blockchain Vice-President for the Groupe Renault, technology is a crucial factor in improving collaboration. Blockchain’s features are key to collaborating in automotive for car design, services, and mobility projects. Furthermore, blockchain allows improved connectivity over various stakeholders in the automotive industry, like manufacturers, dealers, suppliers, and customers. 

Renault considers that futuristic cars will be electric, connected, autonomous, and shared. Innovative breakthroughs require to be implemented to meet the technological requirements of the automotive industry of tomorrow. Besides, the company views blockchain as a transformative vector for adhering to new requirements and regulatory constraints. 

With this purview, the company has recognized 20 projects- from traceability of financial transactions to interaction with equipment manufacturers and the sales network. 

Past Renault Blockchain Experiments

The automotive industry leader has also explored with blockchain’s digital ledger in the past. In July 2017, it formed a project that allows blockchain in tracing the vehicle’s maintenance data. 

Associating with Microsoft and VISEO, Groupe Renault formed a blockchain-based system that collected and represented digital twin of its vehicles. This decentralized ledger is utilized to track and trace each maintenance activity of its new vehicles. Additionally, the data is transparently stored on a distributed ledger that registers the digital twin vehicle’s maintenance cycle. 

This data is transparent and can be obtained by concerning stakeholders, including the vehicle owner. Furthermore, blockchain stocks the data in an immutable way such that the data remains available even in case of a difference in vehicle ownership. The data management on blockchain about the vehicle management system offers an effective way to create trust among its customers. 

Moreover, other automotive industry players have also examined with a blockchain-based maintenance system. This involves Bosch and TÜV Rheinland developed digital twins of vehicles to stop odometer manipulation. Utilizing AI and IoT devices, they produced a system that records correct odometer readings and stores them on a blockchain ledger. The transparency in readings further allows data credibility and public safety. 

Groupe Renault strongly believes that blockchain has started an ecosystem for the automotive industry. Utilizing blockchain, key values in sectors of performance, operational, and reactivity will develop. Further, the technology will be a crucial factor in creating trust within the entire ecosystem.