Secure and certified networked transactions between partner companies or between members of an ecosystem (a company and its customers or its suppliers, for example). Exchanges in real time to meet the requirements of reactivity. That is what the blockchain offers. Thanks to this technology, the data in the blockchain cannot be altered or falsified, and are stored in a secure, decentralised manner.
In the blockchain, any new item of information will not overwrite an existing item. Rather, it is written to a new digital record known as a “block”. This block is verified by the network’s machines via algorithms that check, especially, the legitimacy of the issuer and the quality of the data. Once validated, the block joins the chain of unalterable blocks, hence the name, “blockchain”.
A car manufacturer, its suppliers, its parts manufacturers and its customers are all ecosystems in which the need for fast, transparent, joined-up information is crucial. Blockchain technology is an opportunity to move from the traditional customer-supplier relationship to a more sustainable partnership relationship.
For Groupe Renault, it has to be used as a collaborative, multi-company digital tool within the automotive sector. In this way it will become a source of increased productivity and collective intelligence. For the customer, for example, it makes it possible to certify the repair and maintenance information on a vehicle when it is resold.
For Groupe Renault, the car of tomorrow will be electric, connected, autonomous and shared. A more technological future than ever will have to adapt itself to new habits, new requirements and regulatory constraints. Faced with these challenges, Groupe Renault considers the blockchain as a vector for the transformation of the automotive industry. Some twenty projects to deploy this technology have been identified. They concern, in particular, the traceability of financial transactions and communication with equipment manufacturers and the sales network. Some of them will be deployed very soon.
Why did Groupe Renault start to implement Blockchain Technology?
OP: Collaboration is a key for the future of automotive industry, for cars design of course but also for all the service and mobility projects. The value of collaboration is then enhanced for each partner. After you enlarge your view, you can see how big the future can be.
How is Groupe Renault utilizing Blockchain Technology?
OP: We have defined a methodology: What is the power of this technology? What are the new challenges it can support, and which pain points will be solved by it? We have identified about 20 projects that have been planned in a roadmap. From traceability to financial transactions, the application domains are wide.
How would you say the Blockchain systems have benefited Groupe Renault so far?
OP: Blockchain system had opened our vision of the future. The benefits will be not only for Groupe Renault but for all the ecosystem of a project. The values are of course performance, operational excellence increase, reactivity increase but beyond that, Trust within and outside ecosystem. It is true for our customers (product or service) and consumers (i.e., VTC users or car sharer).
SOURCE : Groupe Renault