Spanish carmaker, SEAT has joined Alastria consortium as it aims to develop blockchain-based products. This is according to a report by Cointelegraph Spanish on January 16.
The state-owned car manufacturer is the largest in Spain and has been around for over half a century. The company, looking to develop blockchain-based products has joined Alastria. The consortium is made up of over 70 companies and establishments from several industries. Major players in the Spanish economy including banks BBVA and Banco Santander, telecommunications provider Telefónica, energy firm Repsol and professional services company Accenture are members of the consortium. Alastria was formed to promote the development of blockchain technology in the country.
SEAT is expected to test the benefits of blockchain technology in the field of finance. The company aims to use blockchain to improve and optimize the existing processes and facilitate supply chain management.
According to the report, SEAT president Luca de Meo stated that they are “convinced of the relevance that blockchain technology will have in the future.” SEAT has already partnered with Telefónica to develop a proof-of-concept of a blockchain product. The product will be designed to track vehicle parts throughout the supply chain of SEAT’s factory in the country.
Last year, SEAT announced that it is going to launch one new car every six months until 2020. The company has experienced growth over the past two years but is looking to record further growth in certain areas.
Automobile industry venturing into the blockchain space
SEAT is one of the car manufacturers working on blockchain products. In December, General Motors (GM) filed a blockchain patent for a solution to help manage data from autonomous vehicles.
In September, German automobile manufacturer Porsche AG revealed that it would increase its investment in blockchain and AI startups over the next few years. This is in a bid to ensure the growth of these technologies and their contributions to the automobile industry.