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Porsche Is Gearing Up To Drive Blockchain Into the Automotive Industry

~to translate the innovative technology into direct benefits for the customer

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Porsche to Bring Blockchain to Cars

Blockchain technology is here to change the way in which data is used and distributed across the world, and the automotive industry is no exception. Porsche is teaming up with Berlin-based start-up XAIN to test blockchain applications for their vehicles. XAIN offers various blockchain and artificial intelligence solutions, with a particular focus on intelligent industrial applications. According to Oliver Dorings, Financial Strategist at Porsche, “we can use blockchain to transfer data more quickly and securely, giving our customers more peace of mind in the future, whether they are charging, parking or need to give a third party, such as a parcel delivery agent, temporary access to the vehicle. We translate the innovative technology into direct benefits for the customer.”

To Establish a Connection With Vehicle Data and Functionality via Blockchain

A protected connection with vehicle data and functionality can be established using the blockchain:

  • The company is testing the use of blockchain tech to pass data between parties without the fear of fraud. In the auto business, the technology could really see success with regards to titling. By packaging all data pertaining to each car; bundling all its essential paperwork from registration to service records to CarFax, blockchain could help build trust while reducing the costs of processes such as the transfer of ownership from one owner to the next. Furthermore, the use of smart contracts could help eliminate the costs and errors that come with the employment of a third party to facilitate such transfers.
  • Moreover, blockchain could offer the necessary speed and security to automotive functionalities. Taking 1.6 seconds, the process of opening and closing the car via an app could be up to six times faster than before. In addition, access authorizations can be distributed digitally and securely and can be monitored by the vehicle owner at any time. The technology would also make it possible to assign temporary access authorizations for the vehicle – in a secure and efficient manner.

In Sync With the Future

Blockchain technology is also near-essential to the future of the automotive industry. By using this technology, any number of data points including road conditions or traffic can be uploaded and distributed across the blockchain, as well as aggregated, analyzed, and made available for other cars on the road to interpret. The future of autonomous driving could see improved functions such as local data used to obtain regional learning effects, which could further be shared securely with other vehicles.

Hence, the future of autonomous cars could eventually rest on this decentralized information system for data and learning needs.

Image Credit: Deposit Photos

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