Madrid-based automaker SEAT is partnering with multisector Spanish consortium Alastria to develop products based on Blockchain Technology.
The state-owned SEAT was established in the year 1950, and with a record turnover of USD 10.9 billion in the year 2017, it is the largest car manufacturer in Spain.
Alastria is a consortium of over 70 companies across industry verticals which supports the development of Blockchain Technology-based semi-public infrastructure in accordance with the regulations in Europe.
The companies forming the consortium include key market players such as energy company Repsol, Accenture, telecom firm Telefonica, as well as banks Banco Santander and BBVA.
As per the announcement, the alliance between SEAT and Alastria will facilitate the promotion of innovation in distributed ledger technologies. SEAT will be able to study the use cases of Blockchain Technology in finance and thereby improve and streamline processes to enhance supply chain management.
The President at SEAT, Luca de Meo explained that the step to develop Blockchain-based products was taken as the automaker is cognizant of the revolutionary technology’s relevancy in the times to come.
Reportedly, Telefonica and SEAT are already developing the proof-of-concept of a Blockchain solution which is slated to manage the tracking of auto parts throughout SEAT’s supply chain of their Martorell-based factory.
Automakers around the world have been at the forefront in the adoption of the transformative technology of Blockchain.
In December 2018, American automaker General Motors had filed a patent for a Blockchain solution to efficiently manage data from autonomous vehicles.
German auto giant Porsche AG had made an announcement in September 2018 explaining that the company will increase investments in startups-based on Artificial Intelligence and Blockchain Technology by as much as USD 176 million during a time frame of 5 years. As per the announcement, the luxury automaker’s focus will be on early and growth stage startups, especially those working in the realm of AI, virtual reality, and augmented reality to enhance the customer’s experience and digital lifestyle.