As Blockchain technology is creating its presence in the automotive sector, car owners and other road users are already interested in several ways in which this technology can be utilized. According to the recent study by Simon-Kucher & Partners, a strategy and marketing consultancy which found that survey participants especially interested in time-saving solutions like 48 percent said about traffic congestion management while 54 percent acknowledged automated payments. Further, applications which offer additional security including protected data access with 55 percent, allow increased efficiency like automated payments with 54 percent and greater convenience such as remote access were also popular with 46 percent participants.
The study also pointed out that how many drivers would be willing to pay each month for different Blockchain solutions. With 27 percent of participants on traffic congestion management would be willing to pay an average USD 11.00 per month while 7 percent with an average pay of USD 11.00 on protected data access. On remote control of the vehicle, 12 percent of participants are willing to pay USD 8.00, along with 17 percent on automated payments, for instance at parking or charging stations, with an average of USD 7.00. On Immutability of vehicle records, when purchasing a used car, 7 percent would be willing to pay on average USD 6.00.
With these figures, the report is expected the total revenue of Blockchain in Automotive industry will reach USD120 billion by 2030. A partner in Simon-Kucher’s global automotive practice, Peter Harms said that the added value of Blockchain solutions and customer willingness to pay for them already signify a massive monetizing potential. Now, this is the time for the automotive industry to start fining-tune its strategies and business models, not only for expanding their current offerings with Blockchain solutions but also to monetize them.