The blockchain technology and its uses (with a specific emphasis on the advancement of the automobile sector through the uses of blockchain technology)

Abstract

Block chain is a comprehensive system integrated globally, spanning networks and systems. The Block chain is a public ledger that maintains track of all confirmed transactions. That is not, though, a separate ledger that tracks your activity, other than a mutual community Journal that records all operations crosswise the entire system in real-time. Satoshi Nakamoto's Bitcoin blockchain addresses a well-known game theory problem known as the Byzantine Generals dilemma. The problem can be solved by preventing any effort by a small handful of opportunistic commanders to become rebels and lie regarding their offensive's planning to assure the win. The auto industry has gone a long way, being one of the most complex, complicated, and technically sophisticated industries on the globe. Among the advancements are electric, hybrid, and self-driving intelligent autos. Many Smart factories, such as production processes, robots, complex cyber-physical networks, or virtual reality, have become increasingly common in the era of IoT (Internet of Things) connected automobiles. Crypt currency is one such technology that may assist the car industry in improving data security, privacy, transparency, confidentiality, endurance, ownership, legitimacy, transparency, reliability, and identity and streamlining operations, and long-term sustainability. Its qualities and issues are evaluated. Block chain opens up a wide range of potential short-to medium-term vehicle applications, requiring enterprises to reevaluate their corporate strategy.