The automotive sector is one of the most cutting-edge and inventive in the world today. The era of digital transformation has arrived, and the automobile sector is leading the charge. Autonomous vehicle usage is growing, and digital ecosystem development has been a major driver for the automotive blockchain sector. To accelerate new business models, simplify information management, and collaborate with various business partners, the automobile sector must, nevertheless, install a reliable technology foundation. The demand for effective solutions has increased along with the development of effective technologies. 

The automobile industry finds blockchain to be a very useful technology as it improves connectivity, data security, integrity, and reliability. 

The future of automotive will be more distributed thanks to blockchain. The automobile industry benefits from the use of blockchain technology in the development and maintenance of secure product records, improved tamper protection, and fraud detection. Track and trace is one of the impressive features of blockchain, which has accelerated its adoption in the automobile industry. Blockchain that supports traceability streamlines operations and reduces costs associated with conventional approaches. 

Track and Trace across automotive :

The automotive business may appear adaptable, yet it frequently faces various difficulties. To stop fake automobile parts, one of them involves tracking and tracing the components. Since controlling and coordinating activities requires a significant time and resource commitment, processing traceability has always been a challenge for the automobile industry and other businesses. 

Track and trace solutions with blockchain support are the answer to the same problem. Following the journey of information or items is possible thanks to traceability on the blockchain. Using traceability systems could increase visibility and transparency across the supply chain. Traditional traceability systems are susceptible to problems like single points of failure, forgeries, data tampering, etc. because of their centralization. Businesses can easily address all the issues with centralised traceability systems thanks to blockchain, a distributed ledger technology that is specifically suited for sharing and reconciling information. Blockchain traceability applications and solutions are now taking off in the automotive industry, for example. With track and trace, businesses can improve transparency by tracking and tracing all events, enabling quicker and more cost-effective product delivery, improving partner coordination, and facilitating access to financing.  

Blockchain traceability benefits for supply chain management :

1. Part authentication - Part authentication technologies are an essential part of any plan to safeguard goods against fraud and counterfeiting. Traceability solutions powered by blockchain technology are regarded as one of the most effective ways to combat fraud and counterfeiting. By combining the operation with identifying, labelling, and authentication systems, blockchain demonstrates its effectiveness in safeguarding.

2. Recall management - Recalls of parts are frequent and expensive. The degree of part visibility in the supply chain has an immediate impact on the recall management process’ efficacy. Therefore, since the barcode or tag contains all the product information, afflicted products may be located very quickly using automated approaches that reduce the amount of time spent looking for and identifying the things. As a result, it will be easier to recall specific shipments and amounts by allowing blockchain traceability across the supply chain.

3. Inventory management – Every link in the supply chain can experience decreased storage and handling requirements. By deploying blockchain-enabled traceability systems to provide visibility, manufacturers may significantly cut inventory levels. Items may always be automatically tracked in real-time. As a result, real-time data allows for the correct and timely updating of inventory records.

4. Removing product fraud – Blockchain will make it easier to track the whole supply chain. This improves authenticity and transparency and stops the entry of counterfeit and subpar goods onto the market.

5. Safeguard your brand – Uses blockchain-enabled unique identifying tags to guarantee the security and authenticity of items. Eliminates counterfeits by employing AI-supported anti-counterfeit tags to stop fraudsters from exploiting your brand name to sell phoney goods.
   

Major Benefits of MSRvantage Traceability Solutions –  

1. Brand Protection: Use efficient anti-counterfeit solutions supported by patent-pending technology and AI to prevent and demotivate copycats from selling fakes under your brand.
2. Real-time data based on round-the-clock tracking: Encourage safe data and workflow interchange with real-time visibility, end-to-end transparency, and a trusted environment.
3. Consensus-based Ledger: Keep sensitive data in a distributed ledger that cannot be altered.
4. Eliminate middlemen, save money: Facilitate complex contract conversations without the need of middlemen, and you’ll save money and risk of error.
5. Automates manual processes: makes smart contracts and automation possible to speed up the procedures.
6. Strengthens security: With distributed-ledger technology, traceability solutions provide unparalleled security that produces product traceability pertinent to the transaction that requires an audit trail.
7. Promotes confidence among stakeholders and product users by providing a lone authoritative source. Permits businesses to give their clients information about track and trace. Customers are able to check the legitimacy of the goods thanks to the increased consumer trust. 

Conclusion 

The automotive industry’s track and trace traceability systems have the potential to be dramatically improved and transformed by blockchain. Automotive firms can benefit from a number of operational advantages with the adoption of blockchain, which offers traceability and total visibility. The management of supply networks is changing thanks to MSRvantage’s track and trace technologies. By encryption, it offers a high level of security, limits data sharing, and upholds total openness. With blockchain, we offer the automobile sector a modern traceability method. MSRvantage Track and Trace helps organisations fight fraud and fake goods by providing them with a thorough understanding of the complex product lifecycle. Hence, by offering a cutting-edge platform and increasing efficiency, the automobile sector will change in several ways.