Smart Contracts in the Automotive Industry

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Smart Contracts in the Automotive Industry

Hornyák, Olivér / Alkhoury, George Farid

The automotive industry has undoubtedly significantly changed our societies and daily life. It is among the most advanced, complicated, and innovative industries. The automotive industry is an essential driving factor of many other advanced industries, it requires the contribution of many other technologies like advanced manufacturing systems, cyber-physical systems, and robotics. Blockchain technology can be highly beneficial for the automotive industry, to enhance its data security, integrity and reliability, tracking and location management, enhanced connectivity, mobility-as-a-service, tamper prevention, and fraud detection. One of the emerging blockchain capabilities is smart contract enforcement and autonomy. In this article, a basic overview of smart contracts is given, early history, definition and concepts, relation with the blockchain, listing its benefits, data sources, design, and describing its importance, finally we highlighted some serious, outstanding and worth to mention steps toward activation and enabling the smart contracts and blockchain roles in the automotive industry specifically and the industry in general.