Key advantages of using blockchain in the commercial vehicle industry are added transparence

For many analysts, the increasing use of blockchain technology will go hand in hand with growing advances in the commercial vehicle industry, especially through digitisation and automation. Key trends such as digital transformation, rise in automation, modern logistics systems, and proliferation of financial technology (fintech) influencing trucking are expected to drive the adoption of blockchain technology in the commercial vehicle (CV) industry.

According to Research and Markets, some of the key advantages of using blockchain in the commercial vehicle industry are added transparency on ownership, price, and processes. It would also accelerate payment, enhance security, and eliminate fraud along with eliminating middlemen, reducing paperwork, and streamlining the supply chain.