Porsche is testing Blockchain technology on cars

Porsche is testing Blockchain technology on cars

German car manufacturer, Porsche, in cooperation with the Berlin startup XAIN began testing Blockchain technology in their cars.

In a press release issued on February 22, the company said that Porsche will be “the first car manufacturer that introduced and successfully tested the technology of the Blockchain”.

The use of Blockchain technology in the Porsche cars will vary from opening and locking the vehicle doors using a special app with the possibility of authorization of temporary access (e.g., provision of car for use another person) to new and enhanced models of business-class using the registration of the encrypted data. The company also said that in the future the blockchain technology can be used to increase the level of security and in the development of unmanned vehicle.

Financial strategist Porsche, Oliver dering, convinced of the enormous potential of Blockchain technology:

“We can use the Blockchain for fast and secure data transmission, providing our customers more comfort and peace of mind in the future, for example, during refueling or in the Parking lot, or when you want to grant temporary access to the vehicle to a third party. We use innovative technologies for the benefit of our clients.”

According to Porsche, the functions of the Blockchain will accelerate the process of opening and closing the car via the app 6 times. This will be possible when “the car will become part of the Blockchain, providing direct offline access without a forwarding server”.

Other companies in the automotive industry are also experimenting with the use of Blockchain technology. For example, a supplier ZF, the Bank UBS and the largest software developer for IBM working on the so-called “Car eWallet” wallet, which can ensure safe transactions at gas stations, multi-storey car parks and on the posts of fees for toll roads.

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