Automobile blockchain adoption sees major growth: Report [Video]

Blockchain technology has come a long way, from its humble beginnings in 2009 to hogging the spotlight in recent years. Although the emerging technology has fallen behind artificial intelligence (AI) in recent years, blockchain use cases in the automobile sector are poised to reach new highs.

According to a report by Global Market Insights, the automotive blockchain industry could see a significant increase in market capitalization amid rising adoption metrics and technological advancements.

In 2023, the industry is valued at a little over $550 million, but the combination of several factors is expected to grow the market size to $4.1 billion by 2032. The giant leap translates to a compound annual growth rate (CAGR) of 25% over an eight-year period, buoyed by a raft of market trends.

Per the report, use cases around improving supply chain efficiency…