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Porsche of Wallingford

What do Porsche and cryptocurrency have in common?

Not only is Porsche on top of the latest automotive technology, but the company is also exploring the latest high-tech monetary technology and applying it to cars. Working with the Berlin-based startup XAIN, Porsche is currently testing blockchain applications directly in vehicles. This makes Porsche the first automobile manufacturer to implement and successfully test blockchain in a car.

 

Blockchain is a decentralized protocol for data transactions between business partners. It also forms the basis of the well-known cryptocurrencies Bitcoin and Ethereum. Every change is recorded in chronologically arranged data blocks, making it transparent and tamper-proof. Transactions based on this technology are both secure and can be processed far more quickly than anything that has come before. The applications tested include locking and unlocking the vehicle via an app, temporary access authorizations and new business models based on encrypted data logging. This could be developed further, for example, to improve autonomous driving functions.

 

The technology offers huge potential, says Oliver Döring, 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.”

 

Porsche is also working on new business models based on blockchain: Through auditable data logging, the data to be processed is encrypted locally in a distributed blockchain.

 

 Read the full press release on Porsche and blockchain technology here

Date Posted: April 25, 2018

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