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May 20, 2019 (Heraldkeeper via COMTEX) -- According to the latest report Automotive Blockchain Market Research Report: Information by Technology (Open, Closed, Consortium, and Hybrid Blockchain), Application (Contracts, Supply Chain, Financing), Provider Type, Propulsion, Vehicle Type and by Regions with Forecast To 2023, published by Market Research Future, the Global Automotive Blockchain Market is projected to witness 21% CAGR during forecast period of 2019 to 2023.
Automotive Blockchain Market Key Players:
The prominent players in the global automotive blockchain market include IBM Corporation (US), Microsoft Corporation (US), BigchainDB GmbH (Germany), carVertical (Estonia), Helbiz (US), ShiftMobility (US), RSK Labs (Argentina), Tech Mahindra (India), HCL Technologies (India), and XAIN (Germany).
Automotive Blockchain Market Drivers and Restraints:
Blockchain technology is a relatively new technology that has the potential to transform the way automotive industry operates by shifting away from a centralized structure towards a decentralized system. With the implementation of blockchain in automotive industry, third-party intermediaries, whose services are needed today in automotive industry would no longer be needed. This can effectively increase the speed of automotive industry processes and reduce the cost of operations. Through blockchain technology, the automotive industry operations, such as design, production, distribution, marketing, selling, finance and servicing of vehicles, will become more flexible and can also effectively contribute to the growth of the automotive industry.
The factors that are responsible for the growth of this market are an increase in e-mobility and on-demand services, popularity of car/ride sharing among young urban consumers, increasing sales of automobiles globally, reduced operational cost, and the need for faster transaction. The growth is, however, restrained by the uncertainty over regulations, such as general data protection regulation (GDPR) in Europe, lack of technical expertise, and limited scalability. The rise in adoption of blockchain for logistic and transportation, development of new business models for automotive aftermarket, and the increasing vehicle recall optimization in US, are the opportunities for the market. Global blockchain operators are facing the challenge of integrating blockchain interface with existing systems for applications, such as peer-to-peer trading, smart contract generation and other potential blockchain applications in the automotive sector.
Global Automotive Blockchain MarketSegments Analysis:
The global market is segmented on the basis of technology type, application, provider, propulsion, vehicle type, and region.
On the basis of technology type, the market has been segmented into open blockchain, closed blockchain, consortium blockchain, and hybrid blockchain.
On the basis of application, the market has been segmented into mart contracts, supply chain, financing, mobility solutions, and others.
On the basis of provider, the market has been segmented into middleware provider, infrastructure & protocols provider, and application & solution provider.
On the basis of propulsion, the market has been segmented into ICE and electric vehicle, whereas the electric vehicle segment is further sub-segmented into battery electric vehicle (BEV), hybrid electric vehicles (HEV), and plug-in hybrid electric vehicles (PHEV).
On the basis of vehicle type, the market has been segmented into passenger car and commercial vehicle.
Global Automotive Blockchain Market Regional Analysis: Geographically, the global automotive blockchain market has been segmented into four major regions, namely North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is expected to hold the largest market share during the forecast period, owing to the growing adoption of blockchain technology in automotive to increase build trust and transparency between users and enterprises. Moreover, increased production and sales of electric vehicles, are expected to boost the demand for automotive blockchain in this region. Furthermore, the growing implementation of blockchain technology in ridesharing applications in China and India, will lead to the market growth. North America is expected to grow at significant rate during forecast period, due to the high instances of deployment of blockchain technology in commercial vehicles in the US and Canada.
Would love to see more on Asian markets such as Korea, Japan and others honestly ! For instance Aergo is developing a system with Hyundai Autoever and it wasn't even in this article at Marketwatch!
I know this is controversial, but would it be wise for me to pull from my 401k to invest in 1 btc to hold onto along with my 401k? I'm 31 years old and only have around 20k in my 401k. Part of me thinks it would be smart to do this, but I cant be sure. Also the character limit being 215 characters is kind of offputting.
Edit: Thank you so much for all of the responses. I have a lot to think about.
So leading up to the 60 Minutes piece about Bitcoin it seemed some people thought it was going to be a hit piece about how terrible Bitcoin is, and some people seemed to expect a glowing 60 minute long commercial telling people to buy Bitcoin.
I watched it last night, I'll drop a link to where you can watch it if you missed it or don't have cable, its 60 Minutes site.
I found it to be very basic, but pretty balanced. There was not a single mention of Tulips or Beanibabies. There was little to no mention or Darknets or buying drugs aside from Charlie Schrem making a brief mention of why he went to prison ie selling BTC to someone who was reselling on Silk Road.
Overall the piece was very basic. I heard some people say this could have been made back in 2014 which was very true as they didn't really talk about or mention any of the more recent developments like Bitcoin futures, like potential ETF's or Bakt futures or companies like Fidelity and others getting invovled.
They talked about the Bitcoin Pizza guy and Charlie Schrem. Many people said they wished they would have interviewed Andres Antonopolous. I agree he speaks very intelligently on the topic and probably would have been preferable to a guy just comming on to say I spent the equivalent of 800 Million Dollars on pizza, but again to your average person and maintream media that's probably more enticing than hearing Andres talk about inflation.
Overall I thought it was about as good as we could have expected. Again yes it was very basic, yes they missed out on a lot of the good stuff going on with Bitcoin in 2019, but it was only 13 minutes long, it gave an intro to crypto, and it wasn't a hit piece, I think that's pretty good
Lastly, for the people expecting the price to shoot up following the episode. It aired on a Sunday night, people are getting ready for the work and school week, I wouldn't expect people to immediately hop on Coinbase and try to buy. Also, I would imagine 60 Minutes demographic is probably 50 plus, probably not the best audience.
I do however think this is just like advertising. The reason retargeting is so imporant and so effective is because oftentimes the first or second or third time you hear or see a message it doesn't connect but on time 3 or 4 or 5 it does. As people not involved in crypto hear their kids talk about it, then see a Forbes article, then see it on 60 minutes, then see it as a payment option at a business they frequent over time this will pique their curiosity and eventually many will pull the trigger and buy a bit.
Curious to hear your thoughts.
I'm an artist from Brazil who do portrait commissions here on Reddit, and the most common way of clients paying for my work was PayPal. Although taxes were high, art in Brazil is not much valued, so for every international commission I made I was being payed like 3x times what I would be payed here for the same amount of work. The problem is, in 26th april they converted all USD I had there to BRL currency, without telling me in advance, or asking for my approval. Their conversion rate was 1 USD - 3,9 BRL, but today the conversion rate would be 1 USD - 4,1 BRL. I was using my PayPal USD balance as a way of protecting me against brazilian real inflation. Well, not anymore. I can't live off my art, because commissions are really sporadic, but now it got a bit harder. Can't wait for the day crypto adoption will be widespread.
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Edit: Not ban, but a massive flair warning people it's a blog.
Contributor posts are not verified by Forbes themselves. They are effectively blog posts with no oversight, and are consistently filled with shilling or straight up wrong.
The budget figure cited in the infobox was referenced to a fake Forbes article. Forbes contributors are not part of Forbes editorial. They are not journalists but just unpaid, HuffPo-like writer-wannabes. Forbes itself disavows them, writing at each column, "Opinions expressed by Forbes Contributors are their own." There's no editorial oversight — just Forbes cynically exploiting unpaid would-be journalists with little or no training who will write for "exposure." Amateur journalists writing without editorial oversight are just personal bloggers and not WP:RS.
If Forbes itself won't vouch for these contributors' claims, how on Earth can an encyclopedia do so?
While we don't need to adhere to reliable source policy only, we should prevent blatant misinformation. This constant bullcrap needs to stop.