Many car manufacturer companies entered the race of blockchain technology adoption to bring huge efficiency in their works.
China is the first country in the world, which introduced its blockchain technology-based Sovereign fiat currency, Digital Yuan. However many other countries did the same but the majority of them are not near the final phase of rollups and also feeling fear to launch their Central Bank Digital Currency (CBDCs) in the retail users (citizens) but here China showing a huge inclination toward Blockchain technology with the ban provisions on crypto assets.
Recently Automotive News published a report and noted that the majority of the car manufacturing companies are using the technology of blockchain to bring efficiency in their work of car production to reduce costs of car production.
The report noted that the majority of the companies are using blockchain technology to figure out the supply chain network ( demand and supply) to know the real-time data.
Right now Shanghai, Beijing, and Guangzhou-based regions have many Car productions and related companies which are in the pilot phase to use blockchain technology.
At present, a total of 164 entities are in this Blockchain adoption-based rollups. These entities include banks, hospitals, power utilities, and local government departments.
In the trial phase of this project of blockchain adoption, SAIC-GM-Wuling, a China-based car maker company, sold Hongguang Mini EV in the highest number in this initial phase of the trial.
This initial phase of blockchain adoption is not only bringing efficiency in the working system but also eliminating the human errors, which are usual, like signatures to paperwork going missing during parts handovers.
China moving toward Metaverse
However, China is a technology adaptive country but its intention on the crypto industry is very bitter. In the mid of last year, China imposed blanket ban on the crypto industry.
Besides its hate against crypto, Chinese government agencies are eyeing to focus on investment & development in the Metaverse based projects also.
On Saturday of last week, Two sessions meeting was held in China and the discussion touched the topic of Metaverse, whether they confirmed that the country will focus on Metaverse to make the country top in this race.