Blockchain technology is attracting interest from the automotive industry because of its potential to securely facilitate payments for both vehicles and vehicle parts without the risk of losing data. MarketsandMarkets, a market research company, reports a predicted increase for the automotive blockchain market from US$350m to US$5.29bn by 2030, a CAGR of 31.19%. This anticipated growth is due to the reduced manipulation of data, enhanced quality control and a need for faster business transactions.
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