Porsche Brings Blockchain Technology To Cars

Carmaker Porsche is testing blockchain apps directly in it’s vehicles becoming the very first auto-manufacturer to use the new technologycrypto

Porsche recently said it is teaming up with Berlin start-up XAIN which now provides various blockchain and AI solutions.

XAIN had won the first Porsche Innovation Contest on the subject of blockchain, following which both worked over the course of three months to develop and test applications.

The car manufacturer noted that blockchain was introduced into the Porsche Panamera using an efficient mining process from XAIN. Porsche is also currently working on additional applications for the technology, including in the areas of parking and charging.

According to this firm, the transactions based on blockchain tech are secure and can be processed way more quickly than anything that has come before it.

The company has also tested applications including unlocking and locking the vehicle via an app, temporary access authorizations as well as new business models based on encrypted data logging. This could be further developed to improve autonomous driving functions.

Blockchain, which is a decentralized and encrypted ledger for data transactions between business partners, also forms the basis of cryptocurrencies Bitcoin & LiteCoin.

Oliver Döring, a financial strategist at Porsche, stated that blockchain could hold vast and enormous potential.

The company also noted that with this move, the car itself becomes part of the blockchain, making a direct offline connection possible – that is to say, without a diversion through a server.

The process of opening and closing the car via an application will take less than two seconds, which is up to six times faster than previously recorded. Also, efficient cryptographic encryption process ensures that activities are documented within the blockchain in such a way that prevents them from being edited.

Porsche also added that it is working on new business models based on the blockchain with which the development of autonomous driving will see improved functions.

Olé Crypto,

CBNN

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