Every single advancement taking place in the everyday changing technological world brings new hope for a better tomorrow. Something similar took place within the automobile industry when the climatic changes, the global impact on fossil fuels’ impending depletion and nature’s signal began taking the course. With new demands and needs recognized something new was bound to break the records of inventions. That is where the development of Electric Vehicles broke all prejudices.

Now, this is the time when EVs do not surprise people but the wait is making the need more profound. Due to this, the electrification of vehicles is at its prime. The automobile engineers are driven by the availability of higher-performance, better and cost-effective battery technologies as well as improvement in mileage followed by general ecological awareness and government incentives and regulations.

Electric Vehicle System

The EV Ecosystem is composed of the following:

1. The Electric Vehicle

An Electric Vehicle is all about utilizing electricity to power a vehicle so that it does not require liquid fuel to run. There are three classifications of EVs.

• HEVs

Also known as Hybrid Electric Vehicles, an Internal Combustion Engine and electricity together power HEVs. The vehicle will be charged easily when a generator is connected to ICE. Alternatively, it can be done by using regenerative braking as well.

• PHEVs

PHEVs are Plug-in HEVs that do consist of ICE as well but additionally, these contain OBC which is an onboard charger that can be plugged into an external source to charge the battery.

• BEVs

Battery EVs are completely battery operated and can be charged from an external electric power along with regenerative braking.

• Charging Station

A charging system is crucial for an electric vehicle’s deployment as it is entirely dependent on it. The complete charging infrastructure or system includes the hardware and software components required to carry out the process of charging an electric vehicle by enabling the transfer of power from the electric grid to the vehicle.

The entire EV Ecosystem is not just the two above components. Several small details are inculcated in it as well that includes power converters, speed balancers, robustness factors, switching managers, EMCs, fail-safe systems and so on.

Role of Blockchain in the EV Ecosystem

Electric Vehicles manufacturing is quite complicated and it involves a large number of raw materials. Blockchain for EV manufacturers provides a 360-degree solution of Supply Chain Management. This way data records are governed by transaction management. With Blockchain Technology being a Distributed Ledger System, it maintains data records on a decentralized database. This way documents are recorded for authentication, verification and future referencing.

This Blockchain Technological Solution has enabled EV manufacturing to become more profitable. It results in the reduction of complexities of processes, manufacturing budgets and human labour costs. Due to its complicated system, it will be comprehensively superimposed ensuring that fewer people are required for it to work effectively.

Read Also: CAN BLOCKCHAIN BE A GAME – CHANGER IN SMART MOBILITY?

According to the researchers, a great boost is possible in the EV charging infrastructure if the integration of blockchain is integrated into energy systems. Also, it has been revealed that there have been reports of a possible lack of trust among charging services providers, property owners and EVs owners. With the Blockchain integration, all parties will be able to access the data and can see if there is possible tampering. In fact, if the EV owners are being overcharged, they will know certainly with the distributed ledger technology.

Reduction of Costs in the EV Ecosystem with Blockchain Technology

Blockchain can predominantly be helpful if there is a genuine desire for cost reduction, profit retention and customer purchases sustainment. Companies can reduce their end costs with the track and trace blockchain technology in EV Ecosystem and clean their supply chains to increase profit margins. This will ensure that counterfeit parts and diversion are removed from the manufacturing process.

Tracking of the parts can enable manufacturers to enable a response to recalls, cost-effectively. This will ensure that instead of the complete year’s-worth of recall, only a certain recall for a particular supplier’s parts is needed. This makes supply chains more efficient and customer interest is also increased with brand leveraging.

Surveys are seeing an overall increase in EV manufacturing production in the coming years making the competition in the market grow enormously. So, how to distinguish between different competitor vehicles? Eliminating counterfeits by adding a brand value through the same supply chain mechanisms, can enable that. To ensure that all stakeholders are ethical and sustainable development of vehicles is under process at all times, supply chain tracking of individual products and components through Blockchain is the best way to go about it.

Finally, a grave realization has been acknowledged. All auto manufacturers who would not be willing to embrace the new blockchain technology for cost-cutting and brand value improvements would be the ones to lag in the race. At the present, Electric Vehicles are taking centre stage along with Blockchain Technology as the next move into tech-subsidized or maybe not.

Interwork: A Cutting-Edge Software Solutions Innovator

When it comes to digital advancements, Interwork has proved to be a leading innovator with its out-of-the-box innovations and software solutions. Interwork has dipped its feet and gradually stepped entirely into various domains like Urban Mobility, Healthcare & Life Sciences, Aerospace & Defense and Oil & Gas causing major technological innovations.

A need was recognized in EV Ecosystem as well. Interwork has carved its name in the Automobile niche through its various Blockchain-based products today. With a team of future-overseeing innovators and professionally recognized developers, Interwork has been providing Mobility with the best and utility-based technical solutions for the past several years now.

With Interwork, you can be assured that every solution provided for your problems would be well thought of and tested to ensure maximum benefit for your services in your industry. You can get in touch with our team of experts to gather a deeper intellect in our processes as well as products for all your industrial needs.