Porsche is the first Automobile Company to test Blockchain Technology for cars

Blockchain technology

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Porsche which is an Automobile company is now exploring Blockchain applications for its vehicles. The company has formed a partnership with Berlin-based startup XAIN. In their official report on Feb 22nd Porsche stated that they are the first automobile company to successfully test Blockchain in a car.

The applications on cars are diverse and range from locking and opening car doors using an app. This gives temporary access authorization to new and improved business platforms through the encrypted data logging. The company stated that Blockchain technology could be used in further improving the safety standards and capabilities of having a driver-less car.

According to Oliver the financial strategist for Porsche is convinced that Blockchain has great potential:

“Blockchain can be used to transfer data faster and more securely. This will give our customers peace of mind in the future whether they are parking, charging, want to give a person temporary access to the car among others. Our main aim is to translate innovative technology into direct benefit to all our clients.”

Porsche believes that the use of Blockchain technology will speed up the process of opening and close a car 6 times faster than the current speed. This will be possible when the car will become part of the Blockchain something which will enable direct offline connection possible without having too diverse though the server. All the current connections require an online connection and the car alignment with its data for communication.

Different companies in the automobile sector are also experimenting the Blockchain technology. A good example is ZF, software giant IBM and UBS bank who are working on a new application called ‘Car eWallet’ which will enable secure transaction at all charging stations especially in multi-story car parks and also in toll stations.

Blockchain technology is becoming the talk of the day because even governments are actively experimenting the technology to see how they can improve government operations. The blockchain is very diverse and can be used in almost every field.

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