SEAT Joins Hands with Alastria Consortium to Develop Blockchain-based Products

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Spain based automobile manufacturer SEAT is collaborating with Alastria consortium for the development of the blockchain-based product, according to recent reports. The primary aim of such an alliance is to advance the development of blockchain technology and make it more accessible.

Alastria is Europe’s multi-sectorial consortium which is backed by around 70 organizations and institutions for the establishment of a semi-public Blockchain/DLT infrastructure. Their promoters include influential organizations like banks BBVA and Banco Santander, telecommunications provider Telefónica, energy firm Repsol and professional IT company Accenture.

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The Automobile giant intends to use the blockchain platform in the field of finance, to improve upon the existing processes by optimizing them and facilitate supply chain management.

“[We are] … convinced of the relevance that blockchain technology will have in the future” said SEAT president Luca de Meo.

SEAT or Sociedad Española de Automóviles de Turismo is a state-owned Spanish automobile manufacturer founded in 1950 and is reportedly Spain’s largest car manufacturer. They have a presence in around seventy countries worldwide. They recently decided to incorporate the latest technological innovations with the aim to “look to the future with the ambition to grow.” SEAT’s had a reported turnover of a record 9.5 billion euros in 2017, which is 11.1% more than the year prior.

This is not the first time SEAT has ventured into blockchain territory. The company has partnered with Telefónica, the Spanish multinational broadband, and telecommunications provider with operations in Europe, Asia, and North, Central, and South America. They have signed agreements on the shared use of insights to make progress in mobility solutions in cities and urban areas.

“new technologies are truly going to trigger a revolution in the automotive sector, and at Telefónica we want to be the leading partner in helping SEAT spearhead this new phase. How Big Data and Blockchains will influence the sector, [….] are a few of the innovations that Telefónica and SEAT are going to work on together” Telefónica España President Luis Miguel Gilpérez had said.

Automobile companies are slowly realizing the potential of the blockchain technology and are quick to get their hands in them. General Motors (GM), the American auto giant, has recently filed a blockchain patent for a solution to manage data from autonomous vehicles. Earlier, Porsche, the German automobile manufacturer, had mentioned that they are investing in startups with a focus on blockchain and artificial intelligence (AI) by around $176 million over the next five years.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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