Asia is emerging as hub for blockchain development. Along these lines, the news of Indian car manufacturer, Tata Motors, launching blockchain-based solutions for automotive and parking marketplace has steered the attention of the blockchain community. This development comes a week after a report on the benefits of blockchain and cryptocurrencies grabbed a lot of headlines.

Tata Motors AutoMobility Collaboration Network 2.0 [TACNet 2.0] is established to diversify existing business operations by building a range of industry-related products that will be based on Artificial Intelligence and blockchain-enabled solutions. This crucial step is being taken by Tata Motors to enhance the firm’s offerings. Blockchain-based solutions will be applied on top of already existing applications in the automotive industry. This includes parking marketplace and real-time monitoring of the quality of fuel.

The benefits of blockchain tech are being recognized by the automotive industry and it is evident from the widespread adoption of this technology by heavyweights of the automobile sector.

Previously, the blockchain solutions company, PlatOn, had started a platform that was designed to cater to the rising demands of storing data, along with evaluating used business cars’ prices in the market. This service was specifically designed for the Beijing-based Mercedes-Benz Sales Service. Moreover, Volvo Cars, a subsidiary of Chinese automotive group Geely, has started producing electric cars that deliver the cobalt-mapped feature over blockchain technology.

With the objective of finding directly applicable solutions using blockchain tech in automotive and real-time monitoring of fuel quality services (BSVI), Tata Motors also aims to authenticate genuine spare parts using this latest technology soon.

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