The Impact of Blockchain on the Electric Vehicle Industry

To combat the disastrous effects of climate change, non-internal combustion engines, such as electric vehicles (EVs), must be used to replace gasoline-powered vehicles.

Climate change’s blockchain ramifications are starting to be felt in specific parts of the globe.

For example, cryptocurrency has been blamed for the recent coral reef devastation, and this could be just the start of a series of potentially catastrophic events.

Do you consider human extinction to be a problem?

Climate change may lead to human extinction in the long run, and it appears that little effort is being made to address the problem. How many of us, for example, work to plant more trees and turn off lights — as well as other known environmental benefits? However, more drastic measures are required to combat climate change’s disastrous consequences.

Is Blockchain technology capable of improving things?

The greenhouse gas emissions from an internal combustion engine are significant. So, how can blockchain technology assist in addressing the issue of greenhouse gas emissions? These engines produce a lot of nitrogen oxide, carbon monoxide, and other hydrocarbons, which are harmful to the environment and cause respiratory problems. But how could Blockchain technology assist?

Is it true that electric vehicles are the only option?

For these and other reasons, electric vehicles (EVs) must supplant gasoline-powered vehicles. Electric vehicle owners could save up to US$700 per year on gasoline. Electric vehicles also require less upkeep than conventional vehicles. As a result, EVs may help them save money and minimize their dependency on fossil fuels — reducing the Earth’s eventual depletion. Electric vehicles are also very efficient, using 25-40 kWh per 100 kilometers. Most notably, EVs save almost 178 million kg of CO2.

Despite their excellent fuel economy and low carbon impact, EVs may easily outperform conventional combustion engines.

For example, using Blockchain

Several nations have established particular goal years to stop the production of internal combustion engines and exclusively produce EVs to lessen their carbon impact. For example, the United States intends to achieve net-zero carbon emissions by 2050 by prohibiting gasoline-powered vehicles by 2035.

The automotive industry is already utilizing blockchain technology. Because most automobiles will be electric in the future, such use cases will also apply to the EV industry.

The use of Blockchain for EV operations will aid the sector’s development. Owning an EV, for example, maybe difficult due to a lack of charging stations and the high cost of the vehicle. For electric vehicle transactions, blockchain can help solve these problems.

Cost-cutting Measures

Tracking and tracing are possible with blockchain applications. Electric vehicle manufacturers can use the tracking and tracing feature to keep track of supplies as they arrive for production. Some resources, such as wolframite and cobalt, are sourced from difficult-to-trace developed countries. Before being processed and manufactured in factories, materials pass through several hands. As a result, Blockchain could be used to properly preserve provenance-related data about raw commodities, preventing manipulation.

The use of Blockchain in the production of electric vehicles also allows manufacturers to track material shipments into their facilities. Electric vehicle manufacturers can respond quickly to recalls thanks to blockchain-based monitoring. Only EVs built with components or materials from their partners in a material concern may be recalled. This improves the efficiency of your supply chain.

Electric vehicle manufacturing costs are reduced by a smaller supply network. Electric vehicle manufacturing costs are reduced as a result of blockchain, as are electric vehicle acquisition costs.

EVs now have the ability to trade power

Electric vehicle charging stations are not as common or as easily accessible as gasoline or diesel stations. As a result, EV drivers may be concerned about running out of battery power on long trips when there are no charging stations nearby. As a result, EV owners must plan their journeys around their vehicle’s range, charging time, and charging outlet availability. This significant barrier obstructs the global adoption of electric vehicles and deters many people from purchasing them.

EV adoption will skyrocket if governments or corporations can solve this problem. The concept of blockchain-based peer-to-peer EV charging could help solve the problem of charging station availability. The use of Blockchain to trade electricity for electric vehicle charging is part of this concept. EV owners, for example, may use their chargers to power their vehicles. Blockchain apps allow car owners to swap electricity by sharing their EV chargers.

When not in use, owners can use digital P2P charging systems to make their chargers available to the public. Share&Charge, Chargemap, Aerovironment, Easy Park, and Charge are among them.

Is blockchain-based payment the way of the future?

Electric vehicle owners who purchase electricity from these individuals will pay in cash over the internet. If EV drivers run out of juice in the middle of a trip, they can leave their cars running and look for nearby private chargers. Furthermore, power trading on a secure blockchain network could increase the utility of private EV chargers.

Blockchain, as is customary, protects both parties in monetary and power transactions. Furthermore, using Blockchain to charge electric vehicles expands charging options. P2P EV charging also requires no significant investments because it makes use of existing infrastructure that would otherwise be idle.

Because EVs will be the standard in the future, EV manufacturers may gain an early competitive advantage over other carmakers by investing in such infrastructure. Tesla, for example, has already made significant investments in electric vehicle charging infrastructure.

Energy-sharing systems may eventually be integrated into smart grids in smart cities. The link would aid in managing and allocating electricity to the most in need areas. As can be seen, employing Blockchain for electric vehicle operations solves the primary problem with EV ownership. As a result, Blockchain facilitates the global adoption of electric vehicles.

Creating Electronic Vehicle Passports

Before purchasing a used electric vehicle, buyers should be aware of a number of details. The mileage, accident history, service history, interior and battery condition, and the performance of safety features like ABS, airbags, EBD, Hill Descent Control (HDC), ESP, and others are all factors to consider.

Used vehicle dealers can create a digital “passport” for each EV using blockchain apps. These apps allow buyers to check the above-mentioned information on any used electric vehicle. They may also hire outside experts to examine a vehicle’s specifications.

They use their phone to scan a QR code on the seller’s app. Prospective electric vehicle buyers can get verified information from experts using such an app. As with any blockchain-based technology, the apps’ records are secure from tampering. It’s not uncommon for people to misunderstand Blockchain.

Blockchain in the Healthcare Industry

In the fields of healthcare, finance, insurance, and supply chain management, blockchain has a number of applications. Furthermore, blockchain-based technologies are known for their transparency, data security, and decentralization, which consumers can benefit from in a variety of industries.

In the electric vehicle industry, for example, blockchain-based technologies protect EV networks and data. As a result, the electric vehicle industry can use Blockchain to reduce car production costs, provide consumers with seamless charging infrastructure, and generate accurate and verifiable EV “passports.”

Overall, Blockchain has the potential to accelerate the adoption of electric vehicles by governments, individuals, and businesses.

Learn more from blockchain and read The Future of Electric Vehicles at CES.

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