One of the largest car manufacturers in the world, BMW Group, has recently embraced blockchain technology for secure data sharing. As an official press release shared in the cryptonews shows, the company will use the distributed ledger technology to drive further progress in supply chain transparency.
We can also see the technology in a photo that was published along with the news.
The German vehicle manufacturer is using innovative digital technologies to optimize its processes. Blockchain can help by enabling tamper-proof data sharing, with potential applications throughout the entire automotive value chain.
As we can see from the update, BMW Group will use the technology in purchasing to ensure the traceability of components and raw materials in multi-stage international supply chains.
“In 2019, we conducted a successful pilot project for purchasing front lights. This year, we want to expand the project to a large number of other suppliers,” said Andreas Wendt, who is a member of the Board of Management of BMW AG responsible for Purchasing and Supplier Network.
The automotive industry and its international supply chains are highly complex. As we can see, these involve numerous players in various delivery stages and are susceptible to rapid changes.
Because of this, considerable effort is needed to track a specific component’s origin or supply route. Up until now, partners have managed their own data separately. However, the companies’ respective IT systems have not always been able to communicate consistently with one another, thanks to the secure data sharing.
As a reminder, BMW Group was in the blockchain news before for activating the PartChain project with which it ensures seamless traceability of components – “at the push of a button” – and provide data transparency in complex supply chains going forward. As Wendt said:
“PartChain enables tamper-proof and consistently verifiable collection and transaction of data in our supply chain.”
Also, BMW Group co-founded the Mobility Open Blockchain Initiative (MOBI) in 2018, an industry-wide solution which enables all partners participating to link their business processes more closely and coordinate between companies. In that manner, MOBI is a cross-industry initiative comprising 120 leading automotive, mobility and technology companies whose shared objective is to help the blockchain technology break through in the mobility sector.
“We want to share our PartChain approach with the initiative and invite interested companies to join the initiative,” Wendt concluded.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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