Experts at Audi are exploring a Blockchain solution to improve the company’s physical and financial distribution processes.
German Ingolstadt-based car manufacturer Audi is testing Blockchain technology for its physical and financial distribution processing, Cointelegraph auf Deutsch reported today, March 30. With its new solution, Audi aims to increase the security and transparency in its global supply chains.
The car manufacturer released a Proof-of-Concept (PoC) of its Blockchain system last year, after successfully testing the technology based on IBM’s Hyperledger Fabric. Due to positive feedback, Audi’s management decided to advance the project beyond the PoC stage.
The research team comprised of representatives from various organizational units such as finance, production, logistics and IT are currently exploring the representation and documentation of international logistic processes, including financial settlement.
Furthermore, the team is exploring various use cases for Blockchain to improve the safety of data transfers, effectiveness of supply chains, management of local energy grids and for the management of digital entities.
Alexander Dietmeier, Head of Group Treasury at Audi AD, stated in an interview with Die Produktion that Blockchain has potential to change various operating principles within industrial companies and opens up new possibilities. Dietmeier also stressed that he believes it likely that Audi will be offering cryptocurrencies as a payment method in the near future.
Other German car manufacturers such as BMW, Mercedes and Porsche have recently hit the headlines with announcements of their own experiments with Blockchain technology.
Mercedes Benz, a subsidiary of the automotive group Daimler AG, is issuing its own cryptocurrency MobiCoin to reward drivers for environmentally cautious driving. Carmaker Porsche is exploring the utilization of blockchain apps in its vehicles in cooperation with the Berlin-based startup XAIN.
BMW is reportedly planning to expand its portfolio by partnering with a Blockchain startup and jointly developing a system for ethical sourcing of cobalt for its products.
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Author: Veronika Rinecker