Web 3 technologies are changing the world as we know it. These digital innovations are disrupting everything from finance and retail to transportation and telecommunications. They’re spurring innovation, enabling new business models and creating entirely new industries in the process. The automotive industry is no exception. With each new release of the Web, users become more familiar with it, making it easier for businesses to adopt it and integrate it into their existing processes. That’s right—simpler integration means that suppliers can begin offering their services through a platform instead of individually (e.g., if you want to sell your car or let someone repair it, you don’t necessarily need to speak with every service provider in existence every time). With that in mind, here are 3 ways Web 3 will change the automotive industry
Secure Transactions Over Web 3.0
Automotive transactions often involve sensitive data and financial information. Until recently, this has been a particular challenge for digital commerce, as well as for blockchain. As the technology for digital transactions improves, however, so too does the ability to protect data. With the advent of Web 3.0, automobiles and the people who operate them can become fully connected. This increased connectivity can enable blockchain transaction capabilities such as the verification of titles and ownership, preventing fraud, increasing safety, and improving efficiency. In fact, experts predict that Web 3.0 will enable more secure transactions by 2022.
Although manufacturing has been digitized for more than a decade, today’s Web 3 technologies are making it possible to completely reimagine the manufacturing experience. Manufacturers will have a new array of tools at their disposal, from advanced analytics to the creation of 3D models. This will enable a new level of creativity, allowing designers to create new models and new components that have never before been feasible. The result will be radically different vehicles and components that are more environmentally friendly and significantly safer.
We’re already seeing the impact of Web 3’s impact on collaborative economies. In the past, the software has enabled ride-hailing services such as Uber and Lyft. However, the emergence of blockchain technology is enabling entirely new business models. Organizations such as the decentralized air-carrier BlaZko are creating a new ecosystem designed to facilitate the non-hierarchical organization of work. It’s also made possible a new level of trust in transactions. In the future, we can expect a proliferation of new types of peer-to-peer transactions, allowing for the sharing of transportation between people and other resources.
The automotive industry is notoriously slow to adopt change. If a new technology emerges, it will take some time for this technology to become widespread. The same holds true for new business models and technology adoption. However, it’s clear that by 2025, the automotive industry will have benefitted from the impact of Web 3 technologies. By 2025, the automotive industry will likely have fully embraced Web 3. This means that manufacturers will be able to take advantage of cutting-edge technology and security. It’s also likely that they’ll be able to leverage advanced analytics to create safer products. And it’s also likely that they’ll be able to reimagine the manufacturing experience. All of these changes will make the automotive industry significantly more efficient and customer-friendly. That’s a win for both consumers and automakers.