It has become basic consensus that electric vehicles (EVs) must replace gasoline-powered vehicles to combat the catastrophic effects of climate change.
The effects of climate change are already beginning to manifest themselves in certain parts of the planet. In the long run, warming could lead to human extinction, and little seems to be being done to curb the problem. For example, how many of us are planting more trees or turning off the lights — and other things that are known to help our planet? More important measures are needed to combat the catastrophic effects of climate change.
Are electric cars a good choice?
Fuel vehicles are an important source of greenhouse gas emissions. These engines emit large amounts of nitrogen oxides, carbon monoxide and other hydrocarbons, causing harm to the environment and causing respiratory problems.
For these reasons, electric vehicles must replace gasoline-powered cars. Electric vehicle users can save up to $700 a year in gasoline. Electric vehicles also require less maintenance than conventional cars. As a result, electric vehicles can help us save money and minimize our reliance on fossil fuels – thereby reducing the planet's eventual consumption. Electric vehicles are also very efficient, using 25-40 kWh per 100 km. Most notably, electric vehicles can reduce co2 emissions by almost 178 million kilograms per year.
And despite its excellent fuel economy and low-carbon impact, electric vehicles can easily outperform traditional fuel vehicles.
Promote zero carbon emissions
Some countries have set specific targets and years to stop producing fuel-fired cars and only electric ones to reduce carbon emissions. For example, the U.S. plans to ban gasoline-powered cars by 2035, thereby achieving zero carbon emissions from vehicles by 2050.
Blockchain technology is already being applied to the automotive industry. Most cars will be electric in the future, so these use cases will also apply to the electric vehicle industry.
The use of blockchain for electric vehicle operations will help the industry grow. For example, owning an electric car is hesitant to own an electric car due to charging stations and expensive car purchase prices. Blockchain could solve these problems in electric vehicle transactions.
Blockchain facilitates cost-cutting
Blockchain applications allow for traceability and tracing. Enables EV manufacturers to manage suppliers more easily and accurately. This includes the production of raw materials and accessories, which are processed multiple times before being produced in the factory. Therefore, blockchain can be used to properly save data related to the source of the original commodity, preventing it from being manipulated.
The use of blockchain in EV manufacturing could also allow manufacturers to track how materials are being shipped to factories. Blockchain-based monitoring enables EV manufacturers to react quickly to recalls. Manufacturers only need to recall the part of the part that went wrong or the electric vehicle made of materials, which makes the supply chain more efficient.
A more elaborate supply network reduces the manufacturing cost of electric vehicles, which in turn reduces the cost of purchasing electric vehicles.
Smart grids allow electricity to be traded
Electric vehicle charging stations are not as common and convenient as gasoline or diesel gas stations. As a result, EV users sometimes worry that during long trips, the battery will run out when there is no charging station nearby. Therefore, ev owners must consider the vehicle's power range, charging time and availability of charging sockets when planning their trip. This huge obstacle has hindered the global adoption of electric vehicles, and it has also prevented many people from buying electric vehicles.
If governments or businesses can solve this problem, the adoption of electric vehicles will increase significantly. Blockchain-based P2P EV charging models could help solve the problem of charging station availability. The idea includes using a blockchain-managed shared system to charge electric vehicles. By sharing EV chargers, blockchain apps can allow car owners to use these exchangeable electricity.
As electric vehicles will become the standard of the future, EV manufacturers may gain an early competitive advantage over other automakers by investing in such infrastructure. Tesla, for example, has made significant investments in electric vehicle charging infrastructure.
Smart cities may eventually incorporate energy-sharing systems into the smart grid. This connection will help manage and distribute electricity to the areas where it is most needed. As we have seen, the use of blockchain in EV operations eliminates the main problem of EV ownership. Therefore, blockchain contributes to the popularity of electric vehicles worldwide.
Making a digital "passport" for a vehicle
Buyers of used electric vehicles need to know a lot before buying. This data includes the vehicle's mileage, length of use, whether there have been accidents, and safety features such as the vehicle's interior and battery condition.
Using a blockchain application, used car dealers can generate a digital "passport" for each electric vehicle. These apps allow buyers to view the above information for any used electric vehicle.
They scan the QR code on the seller's app with their phones. Using such an app, potential EV buyers can get verified information from experts. As with any blockchain-based technology, the records of these applications are secure and cannot be altered.
