Get Instant Help From 5000+ Experts For
question

Writing: Get your essay and assignment written from scratch by PhD expert

Rewriting: Paraphrase or rewrite your friend's essay with similar meaning at reduced cost

Editing:Proofread your work by experts and improve grade at Lowest cost

And Improve Your Grades
myassignmenthelp.com
loader
Phone no. Missing!

Enter phone no. to receive critical updates and urgent messages !

Attach file

Error goes here

Files Missing!

Please upload all relevant files for quick & complete assistance.

Guaranteed Higher Grade!
Free Quote
wave

Blockchain Technology and its Features

Blockchain technology refers to the decentralized ledger which contains all the transactions across peer-peer network. In the current society, blockchain has been utilised significantly by different market facilities for the purpose of having smart contracts opportunity which also add value towards the operation management. In this report, the objective is to discuss about the advantages which are offered with the introduction of blockchain in international car manufacturing company. As a management consultant, the objective is to highlight the operational advantages which will be obtained with the utilisation of blockchain technology.

Technology utilizes the concept of distributed database for the purpose of sharing information among the nodes within a computer network. Blockchain is considered as a trusted network which allows open and neutral opportunity. The key features which are offered with the blockchain technology are discussed below:

  • Decentralized technology:Blockchain technology offers managing the transaction in a strong approach for handling decentralized technology. Data are further communicated with one another (Dujak and Sajter 2019). The focus is on managing the single governing authority and focuses on group of nodes for maintaining the information. This allows easy way to communicate by avoiding the need for third party.
  • Data immutability: Blockchain offers one of the most efficient features which is known as a data immutability. This feature ensures that the nodes cannot be accessed for the purpose of modifying the data. Hence, it can be stated that use of blockchain will help in avoiding inefficiencies.  
  • Transparency: Use of blockchain technology within operation management ensures that better transparency is being achieved (Fraga-Lamas and Fernández-Caramés 2019). International car company will be capable of handling their history, time transactions and decentralization much easily with the introduction of blockchain.
  • Enhanced security:Encryption for the purpose of storing data in form of blogs. Additional layer of security and ensure that existing technologies are available within market (Gerger 2021). Blockchain is stored in the form of cryptographic hash.
  • Faster settlement: Blockchain ensures that fastest settlement is being carried out efficiently. Increases capacity and blockchain utilisation focuses on increasing the capacity of whole network (Gerger 2021). Computing power associated with the distributed devices is capable of providing better outcome.

Blockchain technology offers different features in different types. Blockchain technology for the international car company needs to be implemented after identifying and understanding the different types of blockchain. The common blockchain technology include private blockchain, hybrid and public blockchain.

  • Private blockchain:Use of private blockchain in an organisation in the network will only provide access towards the authorised entities. This blockchain technology is responsible for granting specific rights and restriction towards the key participants (Hackius and Petersen 2017). For example, Ripple and Hyperledger.
  • Public blockchain: Public blockchain does not operate with any access restriction. Working with internet connection will have the authority to share transaction for getting validated (Kamble et al. 2021). Commonly used public blockchain are Bitcoin and ethereum.
  • Hybrid blockchain: Hybrid blockchain is a fusion of privacy and security. All the benefit of private blockchain and public blockchain has been merged together for the purpose of obtaining better efficiency. Hybrid blockchain offers better flexibility in determining the way data flow takes place. For example, XinFin and Dragonchain (Narbayeva et al. 2020).

Blockchain technology has emerged as one of the promising innovations which helps not only disrupting the operational processes but also provides with the ability to risk management. The section focuses to identify the impact of a blockchain implementation over the operational activities (Demir, Turetken and Ferworn 2019). Operational activities which are carried out within international car manufacturing company included designing the manufacturing process quality control and raw materials the procurement. The use of Blockchain technology has a significant growth in the business. It has been observed that a proper implementation of the technology will contribute towards the consecutive growth of the business (Petersen, Hackius and von See 2018). Henceforth, the need to consider proper implementation and design of Blockchain technology for the international car manufacturing industry is a very important in the current situation. With the proper utilisation of blockchain technology high efficiency can be obtained. The impacts are discussed below:

  • Automatic supply chain: Blockchain offers complete transparency over the processes within activities of a manufacturing company. Automatic supply chain will be capable of shipping all the necessary vehicles with better optimised feature (Casey and Wong 2017). It can be stated that automatic supply chain has the potential to offer seamless integration with shared inventory contact information, logistic pricing and payment.
  • Manufacturing: In the manufacturing department for the purpose of obtaining better transparency. Blockchain focuses on assigning ID number towards each single part of vehicle which helps in easy recall (Reddy et al. 2021).
  • Secure payment: Blockchain technology will offer secure payment facilities with the introduction of a bitcoin. It is expected that use of Blockchain technology for paying the electricity to charge electric cars will help in enhancing the operations. As a result, the use of Blockchain technologies is considered to be very much efficient.
  • Autonomous Vehicle:Blockchain Technology is considered to play a pivotal role in development of autonomous vehicle. The help of digital computer, the card can be instructed for the purpose of performing numerous tasks with the help of voice (Supranee and Rotchanakitumnuai 2017). Blockchain technology has helped in achieving the autonomous operations much efficiently.
  • Finance: Blockchain technology is connected with the laws in different countries. It is impossible to make payments with the help of a cryptocurrencies (Business Insider. 2022). The introduction of digital coins for the purpose of buying cars is the next big thing which is going to be implemented within the automotive finance industry.
  • Security: The most important component of utilising Blockchain technology within international car manufacturing company is the security feature. Vehicles are considered to be more autonomous and more digital with the implementation of Blockchain technology (Upadhyay et al. 2020). The strong utilisation of cryptography helps in keeping the information secure and safe. The data storage is also facilitated with the use of a Blockchain technology.

Blockchain technology utilises the most efficient elements for the purpose of carrying out interaction. In order to successfully introduced Blockchain technology within the international car manufacturing company, the following steps needs to be carried out with a sequential manner.

Task Name

Duration

Start

Finish

Predecessors

Timeline for outline strategy of Blockchain implementation

116 days

Mon 31/01/22

Mon 11/07/22

   Phase 1: Learning

18 days

Mon 31/01/22

Wed 23/02/22

      Employee must understand organize

3 days

Mon 31/01/22

Wed 02/02/22

      Reviewing research

2 days

Thu 03/02/22

Fri 04/02/22

3

      Analysing business need

4 days

Mon 07/02/22

Thu 10/02/22

4

      Evaluation of cases

5 days

Fri 11/02/22

Thu 17/02/22

5

      Discussion on features of international car manufacturing company

4 days

Fri 18/02/22

Wed 23/02/22

6

   Phase 2: Strategize

19 days

Thu 24/02/22

Tue 22/03/22

      Defining business transformation

3 days

Thu 24/02/22

Mon 28/02/22

7

      Blockchain selection

4 days

Tue 01/03/22

Fri 04/03/22

9

      Making right choice

3 days

Mon 07/03/22

Wed 09/03/22

10

      Developing blockchain strategy

4 days

Thu 10/03/22

Tue 15/03/22

11

      Integrating blockchain

5 days

Wed 16/03/22

Tue 22/03/22

12

   Phase 3: Case development

15 days

Wed 23/03/22

Tue 12/04/22

      Defining transformational needs

4 days

Wed 23/03/22

Mon 28/03/22

12,13

      Identifying priority areas

4 days

Tue 29/03/22

Fri 01/04/22

15

      Returns and high-level cost analysis

3 days

Mon 04/04/22

Wed 06/04/22

16

      Development of ROI model

4 days

Thu 07/04/22

Tue 12/04/22

17

   Phase 4: Planning

32 days

Wed 13/04/22

Thu 26/05/22

      Selection of technology

4 days

Wed 13/04/22

Mon 18/04/22

18

      Building vs buying analysis

5 days

Tue 19/04/22

Mon 25/04/22

20

      Redesign of business process

3 days

Tue 26/04/22

Thu 28/04/22

21

      Analysis of organizational impact

4 days

Fri 29/04/22

Wed 04/05/22

22

      Managing and tracking change

4 days

Thu 05/05/22

Tue 10/05/22

23

      Risk management

3 days

Wed 11/05/22

Fri 13/05/22

24

      Governance model development

5 days

Mon 16/05/22

Fri 20/05/22

25

      Preparing timeline and cost

4 days

Mon 23/05/22

Thu 26/05/22

26

   Phase 5: Pilot

20 days

Fri 27/05/22

Thu 23/06/22

      Validating results

3 days

Fri 27/05/22

Tue 31/05/22

27

      Designing roadmap

4 days

Wed 01/06/22

Mon 06/06/22

29

      Implementing model

3 days

Tue 07/06/22

Thu 09/06/22

30

      Assigning resources

3 days

Fri 10/06/22

Tue 14/06/22

31

      Creation of blockchain plan

4 days

Wed 15/06/22

Mon 20/06/22

32

      Finalizing governance model

3 days

Tue 21/06/22

Thu 23/06/22

33

   Phase 6: Implementation

12 days

Fri 24/06/22

Mon 11/07/22

      Interface development

4 days

Fri 24/06/22

Wed 29/06/22

34

      Change management

3 days

Thu 30/06/22

Mon 04/07/22

36

      Governance model changes

2 days

Tue 05/07/22

Wed 06/07/22

37

      Sustainment planning

3 days

Thu 07/07/22

Mon 11/07/22

38

Blockchain technology helps in offering better verification and traceability towards the multistep transaction. International car manufacturing organisation will be capable of achieving efficiency with the successful implementation of Blockchain technology. As this help in managing contracts and products associated with the origin. The utilisation of Blockchain technology helps in securing the transaction and also offers intermediate opportunities. Before introducing Blockchain technology within the business, the need to consider certain set of recommendations it is a very crucial (Banker 2022). The recommendations which are needed to be kept in mind while implementing Blockchain technology within the firm are discussed below:

  1. Considering goals:every business must understand their objective behind introducing Blockchain technology. Blockchain technology will be capable of solving the problems which are faced with the current system. It is expected that international car manufacturing industry will be able to automate their operational functionality and will also have the opportunity to manage department with the proper implementation of Blockchain technology. As a result, the need to critically assess a distributed ledger is very crucial.
  2. Engaging with stakeholders: the need to engage with the internal stakeholders is very important while introducing the Blockchain technology. International car manufacturing industry needs to ensure that each stakeholder is made aware regarding the implementation of Blockchain technology. Before introducing blockchain technology the implemented successfully, then it will become easy to meet the regulatory requirements.
  3. Seeking approval from executive:the introduction of Blockchain technology needs a proper strategy. Once this strategy is designed efficiently, then the focus should be on seeking approval form the key executives. As a management consultant, it is very important to discuss the major advantages which will be offered with the implementation of Blockchain technology within the business. Engaging with various stakeholders in the business is very important as these help in designing the necessary requirement. The need to deal with technical gaps within the distributed ledger is important as this helps in achieving the business perspective.
  4. Identification of appropriate market: the need to identify the market which needs to be engaged with the implementation of Blockchain technology is necessary. These will help in identifying the way technology is going to affect the customers. As international car manufacturing company deals with a wide range of customers, therefore the need to evaluate competitors and opportunities is very significant. Hence, it can be stated that with the help of appropriate market analyses it becomes easy to introduce Blockchain technology within the firm.
  5. Assessing cost: The need to assess the cost versus benefit with the implementation of Blockchain technology form is very important. If a technology is implemented and not capable of providing expected amount of benefit, then it will become very difficult to manage the incurred cost. Henceforth, the need to analyse the cost is very crucial in terms of benefits.

Conclusion 

With the introduction of innovative technologies, every industry is adopting with the new changes. The use of Blockchain technology for obtaining operational advantages is one of the significant changes which has offered with a remarking growth in the market. As a result, it can be stated that the international car manufacturing company will be capable of managing different departments of the property implementation of Blockchain technology. The paper has discussed the different elements associated with Blockchain technology so that proper implementation and adoption can be obtained. The paper has discussed the importance of Blockchain technology and the way Blockchain technology needs to be implemented. With the proposed timeline, it is expected that implementation of Blockchain technology will be easier. Hence, it can be stated that in order to achieve the target within the business the recommendations must be kept in mind.

References 

Banker, S., 2022. Blockchain In The Supply Chain: Too Much Hype. [online] Forbes. Available at: https://www.forbes.com/sites/stevebanker/2017/09/01/blockchain-in-the-supply-chain-too-much-hype/

Business Insider. 2022. The growing list of applications and use cases of blockchain technology in business and life. [online] Available at: https://www.businessinsider.com/blockchain-technology-applications-use-cases-2017-9

Casey, M. and Wong, P., 2017. Global Supply Chains Are About to Get Better, Thanks to Blockchain. [online] Harvard Business Review. Available at: https://hbr.org/2017/03/global-supply-chains-are-about-to-get-better-thanks-to-blockchain

Demir, M., Turetken, O. and Ferworn, A., 2019, June. Blockchain based transparent vehicle insurance management. In 2019 Sixth International Conference on Software Defined Systems (SDS) (pp. 213-220). IEEE.

Dujak, D. and Sajter, D., 2019. Blockchain applications in supply chain. In SMART supply network (pp. 21-46). Springer, Cham.

Fraga-Lamas, P. and Fernández-Caramés, T.M., 2019. A review on blockchain technologies for an advanced and cyber-resilient automotive industry. IEEE access, 7, pp.17578-17598.

Gerger, A., 2021. Blockchain Technology in the Automotive Industry: Use Cases and Statistical Evaluation. In Industry Use Cases on Blockchain Technology Applications in IoT and the Financial Sector (pp. 277-308). IGI Global.

Hackius, N. and Petersen, M., 2017. Blockchain in logistics and supply chain: trick or treat?. In Digitalization in Supply Chain Management and Logistics: Smart and Digital Solutions for an Industry 4.0 Environment. Proceedings of the Hamburg International Conference of Logistics (HICL), Vol. 23 (pp. 3-18). Berlin: epubli GmbH.

Kamble, N., Gala, R., Vijayaraghavan, R., Shukla, E. and Patel, D., 2021. Using Blockchain in Autonomous Vehicles. In Artificial Intelligence and Blockchain for Future Cybersecurity Applications (pp. 285-305). Springer, Cham.

Narbayeva, S., Bakibayev, T., Abeshev, K., Makarova, I., Shubenkova, K. and Pashkevich, A., 2020. Blockchain technology on the way of autonomous vehicles development. Transportation Research Procedia, 44, pp.168-175.

Petersen, M., Hackius, N. and von See, B., 2018. Mapping the sea of opportunities: Blockchain in supply chain and logistics. it-Information Technology, 60(5-6), pp.263-271.

Reddy, K.R.K., Gunasekaran, A., Kalpana, P., Sreedharan, V.R. and Kumar, S.A., 2021. Developing a blockchain framework for the automotive supply chain: A systematic review. Computers & Industrial Engineering, 157, p.107334.

Supranee, S. and Rotchanakitumnuai, S., 2017, December. The acceptance of the application of blockchain technology in the supply chain process of the Thai automotive industry. In Proceedings of the International Conference on Electronic Business (ICEB) (Vol. 2017, pp. 252-257).

Upadhyay, A., Ayodele, J.O., Kumar, A. and Garza-Reyes, J.A., 2020. A review of challenges and opportunities of blockchain adoption for operational excellence in the UK automotive industry. Journal of Global Operations and Strategic Sourcing.

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2022). Operational Advantages Of Blockchain For International Car Manufacturing Essay.. Retrieved from https://myassignmenthelp.com/free-samples/mba7061-operations-management/role-of-blockchain-technology-file-A1D6CD7.html.

"Operational Advantages Of Blockchain For International Car Manufacturing Essay.." My Assignment Help, 2022, https://myassignmenthelp.com/free-samples/mba7061-operations-management/role-of-blockchain-technology-file-A1D6CD7.html.

My Assignment Help (2022) Operational Advantages Of Blockchain For International Car Manufacturing Essay. [Online]. Available from: https://myassignmenthelp.com/free-samples/mba7061-operations-management/role-of-blockchain-technology-file-A1D6CD7.html
[Accessed 23 February 2024].

My Assignment Help. 'Operational Advantages Of Blockchain For International Car Manufacturing Essay.' (My Assignment Help, 2022) <https://myassignmenthelp.com/free-samples/mba7061-operations-management/role-of-blockchain-technology-file-A1D6CD7.html> accessed 23 February 2024.

My Assignment Help. Operational Advantages Of Blockchain For International Car Manufacturing Essay. [Internet]. My Assignment Help. 2022 [cited 23 February 2024]. Available from: https://myassignmenthelp.com/free-samples/mba7061-operations-management/role-of-blockchain-technology-file-A1D6CD7.html.

Get instant help from 5000+ experts for
question

Writing: Get your essay and assignment written from scratch by PhD expert

Rewriting: Paraphrase or rewrite your friend's essay with similar meaning at reduced cost

Editing: Proofread your work by experts and improve grade at Lowest cost

loader
250 words
Phone no. Missing!

Enter phone no. to receive critical updates and urgent messages !

Attach file

Error goes here

Files Missing!

Please upload all relevant files for quick & complete assistance.

Other Similar Samples

support
Whatsapp
callback
sales
sales chat
Whatsapp
callback
sales chat
close