Audi Testing Blockchain Technology for It’s Financial & Physical Distribution

Audi, the German-based car manufacturer, is currently testing blockchain technology for both its physical and financial distribution processing. With this new solution, Audi ‘s goal is to increase the security and transparency of its international supply chains.

Audi released its POC (Proof of Concept) system last year after testing the technology on IBM’s Hyperledger Fabric. Audi’s management team decided to advance the project beyond POC due to its overwhelming positive feedback.

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Audi’s research teams are currently exploring international logistic processes, including financial settlements with regard to the blockchain technology. They’re also looking to utilize the blockchain to improve safety of data transfers, effectiveness of supply chains, local energy grid management, and the management of digital entities.

Alexander Dietmeier, Head of Group Treasury at Audi AD, stated that blockchain has a potential to change various operating principles. He also stressed that he believes it’s likely the alley will be offering cryptocurrencies as a payment method in the near future.

BMW, Mercedes, and Porsche have also recently hit the headlines with announcements of their own experiments with blockchain technology.

Mercedes Benz, is issuing its own cryptocurrency called MobiCoin to reward drivers for environmentally cautious driving. Porsche is also exploring blockchain applications in its vehicles.

BMW is also planning to expand its portfolio by partnering with a blockchain startup in developing a system for ethical sourcing of cobalt for its future products.

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