Categories: Bitcoin Business

Siemens to integrate blockchain technology into carsharing

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One of the largest manufacturing companies in Europe, Siemens, is planning on using blockchain-based solution to improve the transport sector. Reportedly, Siemens wants to use blockchain technology in solving problems related to carsharing.

Carsharing can be defined as the renting of a vehicle for a short period of time, either for hours or days. This project will be handled by Siemens’ branch known as Siemens Mobility; a company based in Germany that provides transport solutions for goods and people.

According to a report, the technology is to be used to solve the problem of fueling cards in the carsharing market. The cards, which are used by car renters to refill gas, are restricted to specific gas stations and are sometimes stolen and sold on the internet. Siemens mobility believes that blockchain technology will help solve these challenges. The company’s head of cybersecurity and blockchain, Andreas Kind said:

“It’s not only inconvenient for the drivers, it’s inconvenient for the companies because fueling cards get stolen [and] they get sold on the internet […] That’s an example where, in an industrial context, you need something, a technology, that brings together different participants that [don’t] fully trust each other […] That’s exactly where blockchain can add value.”

According to Kind, Siemens Mobility is also looking into improving other areas, such as supply chains and manufacturing, using this technology. He also adds that the company is currently in the phase of evaluating other areas where blockchain technology can be useful. He added:

“The company just completed a period of exploration…Now we’re at the point where we’re really zoomed into a set of use cases that are related to Siemens’ business.”

Globally, blockchain technology is taking over the transport system at an exponential rate. It was recently listed by the Grand View Research as one of the digital technologies that has led to growth in the transport management system.

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