SEAT Car Manufacturer To Start Working On Blockchain-Based Products Development

SEAT, a well-known Spanish automobile manufacturer, joined the Alastria consortium in order to work on developing blockchain-based products according to the report from the company reaching our Blockchain news today.

The car manufacturer was founded in 1950 as a state-owned industrial company and it is currently Spain’s largest car manufacturer with a turnover of more than 9.552 billion Euro in 2017.

According to the announcement, SEAT joined Alastria which is a multi-industry consortium that is backed by a national network with more than 70 companies such as Telecommunications provider Telefonica, Energy Company Repsol, and Banco Santander bank. The goal of the partnership is to promote the development of blockchain technology.

SEAT also plans to see what the benefits of blockchain are in the field of finance at first, hoping to improve the currency processes and to optimize them even further but also to facilitate supply chain management.

Also, the president of SEAT Luca De Meo pointed out that the company is ‘’convinced of the relevance that blockchain technology will have in the near future.’’

Meanwhile, Telefonica and SEAT also started working together on the proof-of-concept for a blockchain product that will be able to track all of the vehicle parts that go through the supply chain of SEAT’s factory that is located in Spain.

In December 2018, the American car manufacturer General Motors also filed for a blockchain patent in order to find a solution to manage data from autonomous vehicles. Other car manufacturers such as Porsche AG also announced to be investing in blockchain and artificial intelligence with more than $176 million in the next five years.