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What are the Roles of Microsoft Azure and Amazon Web Services in BMW Group's Blockchain Pilot?

BMW Group, a famous global premium manufacturer of motorcycles and automobiles, seeks to expand its pilot blockchain project, dubbed PartChain, to its international supply chains that are muddled in complexity. According to an official announcement, blockchain technology will be instrumental in propelling the traceability and transparency of crucial raw materials and parts as it will ease data sharing.

BMW Group merges blockchain and cloud technologies

BMW Group houses popular brands, such as Rolls-Royce, BMW Motorrad, MINI, and BMW. The Group has 31 assembly and production plants spread across fifteen countries with a workforce of 133,778 employees.

In 2019, PartChain was successfully piloted in the purchase of front lights, and the manufacturer wants to go a step forward to incorporate more international suppliers in the blockchain project. It was initially used in three locations belonging to the automotive lighting supplier, as well as two of the BMW Group’s plants.

For the seamless traceability of parts, BMW Group has combined blockchain and cloud technologies by using Microsoft Azure and Amazon Web Services as this enables the tracking down of components’ origin without permitting any manipulation.

Andreas Wendt, a board member of BMW AG, noted, “PartChain enables tamper-proof and consistently verifiable collection and transaction of data in our supply chain.”

By leveraging on blockchain and cloud technologies, BMW Group intends to thrust the digitalization of purchasing to unprecedented heights as information within international supply chains will be shared and exchanged anonymously and safely.

Blockchain guarantees transparency

Transparency is fundamental when it comes to the supply of finite resources like batteries. By deploying blockchain technology, BMW Group will be in a position to have a transparent extraction of raw materials.

Earlier this year, Mercedes Benz partnered with Circular, a blockchain startup, to trace carbon emissions in the cobalt supply chain. Blockchain technology is, therefore, being integrated into the automotive industry for environmentally friendly practices, as well as the transparency and traceability of raw materials.

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Global Automotive Blockchain Market Value Expected to Hit $2.23b by 2027

The value of the global automotive blockchain market is expected to hit $2.23 billion by 2027, a study shows.

$420.1 million was recorded in 2021 based on the need to fight counterfeits for the attainment of high-quality products, according to the analytic firm Research and Markets.

A compound annual growth rate (CAGR) of 32.14% is expected during the forecast period. Per the announcement:

“Automotive blockchain offers multiple benefits, including fast warranty claim processing, easy-to-track operations, enhanced smart contracts and car sales, tamper-proof transaction records, improved transparency, instant traceability, and reduced payment exchange fees.”

Blockchain technology is expected to streamline procedures by rendering immutable storage to curb fraudulent activities like tampering with vehicle mileages.

As a result, the study acknowledged that the demand for authentic processes has been integrating the automotive blockchain sector with other cutting-edge technologies like artificial intelligence (AI) and the Internet of Things (IoT).

The report noted:

“The integration of the Internet of Things (IoT) and artificial intelligence (AI) with connected devices, to track, process, authenticate and exchange transaction systems are providing an impetus to the market growth.”

Furthermore, the rising need for extensive research and development (R&D), faster transactions, and reducing data leaks is anticipated to spur growth in this industry. The analysis pointed out:

“Automotive blockchain is widely used to enhance supply chain management and help original equipment manufacturers (OEMs) follow up on automotive parts and components regarding their latest modifications, thus aiding in identifying counterfeit products and ensuring high-quality products and services to consumers.”

Meanwhile, the mounting need to tackle data breaches and information leaks is expected to thrust blockchain technology in the healthcare market to a compound annual growth rate (CAGR) of 68.3% between 2022 and 2030, according to a recent study by Market Research Future (MRFR).

Central African Republic Begins Sales of Sango Coin

The Central African Republic (CAR), a landlocked country in Central Africa, rolled out the launch and sales of its national cryptocurrency called “Sango Coin” on Monday, July 25, as planned.

However, the sales of the national digital currency tokens started with a low tone, with just over 5% of the target bought in the hours after its launch. The slow start has so far raised questions about the project’s transparency and a broader market downturn in the industry.

As reported by Blockchain.News last week, the launch and sales of “Sango Coins” worth $21 million were expected as of Monday. The CAR government planned to put 210 million Sango Coins on offer (sales), priced at $0.10 each, with a minimum investment of $500 to be paid in cryptocurrencies, including Bitcoin and Ethereum.

Out of the initial $21 million on offer, about $1.09 million had been sold by 1115 GMT on Tuesday, after the digital token went on sale at 1700 GMT on Monday, according to Reuters media.

Investors, who were enthusiastic about the prospects, bought the Sango Coin, with a minimum investment of $100 paid in cryptocurrencies, including Bitcoin and USDT. This was a drop from customers’ planned minimum investment of $500.

A local investor named Michel Muna, a 35-year-old Cameroonian who imports food and drink, bought $524 worth of Sango Coin on Monday.

Some market experts have tried to explain the events behind the sales of the CAR’s crypto coins on the first day.

Joseph Edwards, head of financial strategy at Solrise, a crypto investment firm, said: “A crypto project not selling out its initial mint is a poor sign. It’s hard to get a precise read on things because of the whole coin and project’s deliberately obscure structure.”

Another crypto industry figure, who requested her identity to remain anonymous, said Sango Coin did not have what most crypto enthusiasts view as one of the assets’ main benefits – a lack of state involvement. “They’re building something that is literally controlled by the government,” she stated.

Revitalising National Economy

In April, the Central African Republic (CAR), one of the world’s poorest countries, made headlines when it became the first African state to make Bitcoin legal tender.

The announcement puzzled many crypto experts and prompted the International Monetary Fund to warn that the African country’s implementation of Bitcoin would pose economic and legal issues.

Opposition parties criticised the CAR for deciding without consulting the regional central bank that manages the shared currency of six countries, including the Central African Republic.

However, the CAR government defended the plan, stating that the move towards cryptocurrency is part of the nation’s effort to revitalise its economy and develop its financial inclusion with a ‘next-generation currency.’

Ranked among the poorest nations in the world, the CAR became the second to adopt cryptocurrency after El Salvador.