Blockchain usecase in self driving cars
Since the time we are seeing Internet of Things rising, we’re also witnessing Bitcoin and blockchain’s practical applications rise manifold. The idea of harnessing the potential of Internet of Things to create Driver-less Cars will bring about a sea change in a person’s daily routine.
But these cars will have certain peculiar requirements. These cars will be composed of certain special sensors and devices for communicating within the car. Additionally, cars will be equipped to communicate in vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) modes. Therefore, driverless cars will need to pay for reliable communication services.
Not only this, the use of driverless cars will call up for payments for a hell load of a wide variety of other services, such as self-parking, tolls, Wi-Fi hotspots, radars, laser rangefinders, and navigation data. Further, a plan will be laid to furnish certain unforeseen new services to support the success of driverless cars.
For smooth operation, driverless cars will require the use of various above mentioned services, many of them being paid for on a per-use basis. Therefore, in order to add to users’ convenience, these payments must not involve subscription to numerous service providers, and must not be heavy on pockets due to expensive fees charged by banks or credit and debit card issuers.
Bitcoin and its blockchain ledger technology can step in and beautify the advancement plans. The soul of novelty in this technology rests in the fact that it is decentralized-it does not require trusted authority. So contrary to legal contracts, blockchain smart contracts have no physical enforcing authority. Smart contracts are, indeed, computer algorithms that can verify, execute, and enforce the terms of a business agreement with no human intervention. This, thereby, eliminates role of a lawyer, a policeman, or an accountant.
Henceforth, successful and profitable synchronization of IoT, blockchain technology and entrepreneurship, the world will be able to come up with Bitcoin-based capabilities for frictionless micropayments befitting driverless car technology.