Siemens Explores Blockchain Technology for Carsharing

Blockchain enables us to use Bitcoin in transferring value in a secure, immutable and transparent way. It is now around ten years since when Bitcoin was created by Nakamoto Satoshi, but in this short period, various authorities have managed to come up with ways in which blockchain can be utilized to the fullest. Now, Siemens AG, a German global conglomerate firm and the biggest industrial manufacturing firm in the continent of Europe, has started its journey of evaluating blockchain for different business use cases, such as modernizing the carsharing market.

The company is trying to jump on the bandwagon of this mainstream technology and explore for potential ways of incorporating fintech in various application aspects. Siemens entered in this industry so as it can get industrial extensions of distributed ledger technology (DLT) systems, especially DLT systems for enterprises. According to Andreas Kind, the head of blockchain at Siemens, the company is focusing on the use cases concerning important fields including supply chain, manufacturing, logistics, mobility, and many more.

Blockchain Potential for Carsharing 

It takes a lot for entities to get the juice out of the squeeze, but like any other interested, strategic and determined party, effective and applicable use cases will have to be discovered come rain or shine. This is exactly what Siemens is trying to do, so far, an exploration stage has been successfully completed. Siemens is now moving towards zooming into a wide range of use cases directly or indirectly connected to the business of the company – particularly, it wants to improve on the permissioned DLT usage, according to Andreas. 

Amongst many areas that the company will work on, carsharing comes as one of the priorities of Siemens – the company wants to transform this area by incorporating fintech in it, so as the DLT can allow a smooth method of transacting. In this case, the transaction will be in various cases including in car delivery, meek carsharing such as unlocking a vehicle. 

A series of interacting participants including managers, garage providers, car owners, car owning organizations, and many others, will be actively involved. However, all this will be very unified and smooth in the manner the transaction is taking place, and in this way, blockchain technology is the best test alternative. A blockchain-based smart parking concept was successfully experimented during the Bosch’s 2019 Connected World conference by the Siemens team.