Future Scope for ResearchBlockchain being an emerging technology is

Future Scope for Research

Blockchain, being an emerging technology, is in a constant state of evolution. It has started gaining hold on various areas of automotive sector due to its ease in adaptability. This has opened up avenues for further research thereby deeply exploring its pros and cons to develop several use cases and ensure full utilization.

Resource Management

With increasing peer networks, every blockchain architecture will need to develop multiple PKs that will ensure seamless communication between individual vehicles as well as the infrastructure (Dorri et al., 2017)?.

Get quality help now
Writer Lyla
Writer Lyla
checked Verified writer

Proficient in: Cloud Computing

star star star star 5 (876)

“ Have been using her for a while and please believe when I tell you, she never fail. Thanks Writer Lyla you are indeed awesome ”

avatar avatar avatar
+84 relevant experts are online
Hire writer

Management of these identifiers will be a challenge that can introduce scope for further research. One of the major setbacks that follows blockchain is the processing overheads which can delay the practical implementation of the technology. By efficiently managing the data storage and downloads from the cloud through the use of cache the issues can be significantly reduced which will certainly open up many research cases (Dorri et al., 2017)?.

Resource development

In order to ensure the use of blockchain to a wider scale of applications, it would be interesting to explore new mobility methods which will reduce problems of large computational time and costs (Dorri et al., 2017)?. Co-existence of IoT and Blockchain will improve current applications like remote vehicle diagnostics and smart contracts to create an intelligent and efficient platform for data sharing (Sharma et al., 2018)?. With the development of an individual ecosystem which is customizable as per user requirements, a balanced system of power can be obtained among manufacturers and developers (Sharma et al., 2018)?.

Resource standardization

In the initial phases of blockchain development, every organization began creating their own methods and standards according to their applications and use cases.

Get to Know The Price Estimate For Your Paper
Topic
Number of pages
Email Invalid email

By clicking “Check Writers’ Offers”, you agree to our terms of service and privacy policy. We’ll occasionally send you promo and account related email

"You must agree to out terms of services and privacy policy"
Write my paper

You won’t be charged yet!

With a standardized regulatory framework all the blockchain based applications can work under a common domain (Sharma et al., 2018)?. This will also help in the dynamic expandability of the network along with the increased number of databases working in cohesion (Sharma et al., 2018)?. It will also assist in creating a structurally adaptable system for newer networks to be launched on the databases (Sharma et al., 2018)?.

Conclusion

With the use of a shared and distributed database, called blockchain, key automotive subdomains can successfully implement newer technologies that faced some serious sustainability challenges due to loss or theft of private data. The blockchain technology has demonstrated several applications for the automotive industry that not only ensure automotive data sharing and security services but also help in the valuation of products, building trust among working entities and increasing profit margins for business organizations by minimizing liability and overhead costs. In spite of all the breakthroughs that this technology brings along, it faces certain technological barriers, which with further research can be overcome. Thus, the paper explores the technology of blockchain to assert that its implementation in the various sectors of the automotive industry will change the face of automobiles and the areas surrounding their development bringing into reality all the different advancements that once seemed futuristic.

Updated: May 19, 2021
Cite this page

Future Scope for ResearchBlockchain being an emerging technology is. (2019, Dec 18). Retrieved from https://studymoose.com/future-scope-for-researchblockchain-being-an-emerging-technology-is-example-essay

Future Scope for ResearchBlockchain being an emerging technology is essay
Live chat  with support 24/7

👋 Hi! I’m your smart assistant Amy!

Don’t know where to start? Type your requirements and I’ll connect you to an academic expert within 3 minutes.

get help with your assignment