Spanish Automobile Company SEAT To Make Blockchain Products


Spanish car manufacturer SEAT has actively collaborated with Alastria consortium in a bid to work on the creation, developing and implementation of blockchain-based products and services as per a leading news agency.

SEAT which was founded in 1950, is a state-owned industrial automobile company which also happens to be the largest car manufacturer in Spain. SEAT’s gross annual turnover reached a record high of 9.5 billion euro in 2017, which is almost 11% more than the previous year.

In a recent press conference, SEAT confirmed that it would be joining Alastria which is a consortium of semi-public multi-industry backed by a domestic network of 70 plus companies and establishments. That includes major players like banks BBVA and Banco Santander, energy firm Repsol, telecommunications provider Telefónica and consulting services company Accenture. The primary aim of this association is to promote the development and advancement of blockchain technology.

Through this collaboration, SEAT aims to work on the benefits; it can bring in blockchain industry, primarily in the field of finance with a core focus on improving optimal result for the existing processes and improved supply chain management.

Luca de Meo who is the president of SEAT claimed that the company is very sure of the expected result, the collaboration is expected to bring, keeping into the consideration the bright future of the blockchain industry through it ever growing technology.

As per one of the leading news agencies, SEAT is also getting into a deal with Telefónica and would be working closely on a proof-of-concept of a product using blockchain platform which would enable tracking of vehicle parts through the supply chain procedural of SEAT’s factory. Similarly, earlier last month, American automobile manufacturing company, General Motors (GM) applied for a blockchain patent for managing data from autonomous vehicles effectively.

Last year in September, German luxury automobile manufacturer Porsche AG declared that it is looking forward to investing more in start-ups firms dealing with blockchain and artificial intelligence (AI). Porche AG plans to invest around $176 million over the next few years. The investments would target primarily early-stage firms and businesses that closely relates to customer experience, digital lifestyle and future technologies including AI, the blockchain, virtual and augmented reality.

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