We cannot help but admire how well blockchain technology has performed since inception, and despite its flaws, the tech has continued to grow by leaps and bounds. One amazing thing about blockchain is the fact that it was discovered that it could function beyond being just the underlying technology for cryptocurrency, as its distributed ledger technology is decentralized and thus brings decentralization among various other features to systems where the technology gets applied. Over time it has been applied to different industries and sectors, and one notable industry where the technology is making headway is the automotive industry.

Since the advent of the automobile industry, there have been lots of improvements in the industry, and every day it keeps getting better because we see amazing products on our roads and at exhibitions. We are well aware of the fact that the ecosystem of the automotive industry is laden with complexities, and that is due the fact that there are different parties involved in the production process, with different sections: the design section, the production process, distribution, products marketing, selling, finance, maintenance and servicing of the vehicles. These complexities have a way of causing some setbacks for the industry.

At the moment some of the problems plaguing the industry include:

• Lack of transparency at different stages of the process
• Lack of proper access to user data to facilitate effective production
• Lack of a global data platform
• Lack of data security
• Alteration and manipulation of records

A major reason why these problems persist is due to the fact that the system is centralized, and as such there are several human factors to consider that may be responsible for the numerous irregularities in the industry. Hence, since the irregularities are as a result of the centralized nature of the system, and the fact that records within the industry are mutable, it is only proper that the solution be a decentralized system with immutability, and you will agree that blockchain technology best fits that description.

Blockchain technology is a decentralized distributed ledger technology with several features that make it perfect for solving the challenges experienced by the automotive industry. Here are some of the features that the blockchain has:

• Decentralization
• Time-stamping
• Accessibility
• Cross-platform Applications
• Cryptography
• Availability
• Security
• Low Transaction Fees
• Customizability
• Scalability
• Fungibility
• API Integration
• Cryptocurrency/ Tokens
• Diversification
• Irreversibility
• Programmability
• Pseudonymous
• Transparency
• Peer-2-peer Connectivity etc.

From the above features, it is clear that the blockchain technology is just the right solution to effectively deal with the challenges faced by the automotive industry. Several companies have come up with different solutions, but they have been barely able to scratch the surface; however, one company has studied the industry properly and can act as the bridge between automobile owners, data market and automobile manufacturers, and they intend to use blockchain technology to achieve this purpose.

Carnomic is a blockchain powered platform that is created as a data marketing hub for automobile owners and automotive manufacturers. The platform intends to function as a solution provider via data marketing and detailed automotive intelligence, which is a welcome development, as such data will help automotive manufacturers identify just how best to improve on their systems. Carnomic is coming to the scene with some interesting features like:

• The platform will make use of the features that come with blockchain technology to facilitate an immutable public record, thus promoting transparency, and making it impossible for the records to get altered or manipulated.
• The platform is creating a kind of social network that will unite people who love cars and also make it possible for automotive manufacturers to collect data from car lovers. The users of the platform can sell the information to the manufacturers in order to earn Carnomic tokens.
• As part of the platform’s plans to make it profitable for users, they will be able to sell their Carnomic tokens in exchange for Fiat currencies, or they can use the tokens to earn more tokens on the platform via getting involved in different activities, or even pay for goods and services.
• It will interest you to know that the platform also comes with a marketplace to facilitate the buying and selling of cars.

Worldwide, the automobile industry’s worth is more than $1.5 Trillion, and the worth keeps increasing every day, as technological innovations keep getting better, more automobiles get produced, hence, it is imperative that automobile manufacturers take innovations further by adopting the use of accurate data received from market research and analytical models that are modern and in line with the trends in innovative technologies. One of the highlights of the platform is that it creates an avenue for both the automobile brands and car owners to connect and get value from the industry.

The mission is to make it possible for the automotive industry to purchase data globally, and in the process, create wealth, promote transparency, trust, and loyalty via the use of the Carmonic token on the platform.

Objectively, the social media platform is dedicated to car brands, car lovers, and care marketers. Breaking that down further, it translates to the fact that users will have access to a platform where proper registration of their cars can take place, and they can also get involved in different activities on the platform, as well as go into car trades.

The brand’s value is expected to experience some increase with the roll-out of more services and products from the company, as seen on the roadmap. There is a lot to achieve with this innovative technology, and bridging the gap between car owners, car manufacturers, and authentic market data, is one of the achievements that will facilitate the creation of a stronger and better automotive industry, and a world where data owners are in total control of their data.

To learn more about Carnomic, please make sure to follow our social accounts listed below. If you have any questions please reach out on Telegram.

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