Constellation's distributed ledger technology enables the mobility industry to customize connected vehicle solutions, creating better business to consumer outcomes for the automotive sector. Current technology is already ingesting vast amounts of data, but as of yet, there is no distributed system that can analyze and provide real-time updates across disparate inputs. Simply put, Constellation provides a protocol capable of ingesting and organize data to meet the needs of new mobility technologies.
Autonomous Cars Sales Will Surge Over The Next 5 Years
The advent of autonomous vehicles will require networks that can tokenize data and distribute it securely. With the market set to surge over the next five years Constellation is partnering with manufacturers and mobility consortia to provide the solutions and meet the upcoming needs of the auto industry.
Millions of weather sensors, ECU chips in a car, a mobile phone, a drone, and an IP enabled traffic light all need to communicate in real time. Different protocols may be appropriate for each of these separate systems. I.e. IOTA may be best for the ECUs, Fantom may be best for the weather sensors. Constellation is the foundational protocol that enables consensus across this ecosystem and tokenize throughput to meet manufacturers demands.
Benefits To Manufacturers
A car manufacturer must wait several weeks or months before it receives payment for a shipment of vehicles from an importer/distributor/dealer. With multiple parties controlling different steps in the chain it is a heavy flow of paperwork. A Blockchain based system would enable greater transparency of accurate information between the different parties, faster processing of export/import and banking documentation and ultimately reduce the settlement period.
An auto finance provider generally has no idea of the real driving behavior of its car drivers or their vehicle’s service history. A Blockchain based system would enable driving patterns and service events to get sent to a shared ledger that all parties have access to. Transparency of information about a vehicle’s real wear and tear would help the auto finance provider to more accurately gauge the residual value of the vehicle. Typical auto financing includes a host of verification steps to which blockchain could be applied for efficiency gains.