Porsche to Use Blockchain in Luxury Cars

If the project works out, then it could make Porsche the first auto manufacturer to use the revolutionary technology in vehicles.

Porsche are one of the leading names in the luxury car industry, and their recent project suggests that they will maintain this great name. Reports said that the German car manufacturer is considering the use of Blockchain technology in its future vehicles with the help of XAIN, a Blockchain software company based in Wildau, Germany.

If the project is successful, then it could make Porsche one of the first auto manufacturers to use the revolutionary technology in vehicles. The press release issued by the company last week said that the project is finding ways of using Blockchain tech to make vehicles smarter.

One of the aims of the collaboration is to develop a “smart locking” feature that is controlled by a Blockchain-powered app. That is, however, just one of the applications being considered. The statement also said that access authorizations and data logging features that are protected by Blockchain encryption are underway. Indeed, Porsche is actively pursuing its goal of going head-to-head with Tesla’s autonomous cars.

Porsche and Ethereum

The Blockchain technology that Porsche is using runs on the Ethereum network which has smart contract capabilities. This will enable users to access the vehicle without connecting to any online server directly. The company also said that this would speed up the amount of time needed to lock the doors of the car. It would only take 1.6 seconds — six times faster than its current closing time.

The car manufacturer assured that this breakthrough would heighten the security measures of the vehicle as everything would be protected by cryptographic encryption. Furthermore, the technology will make it possible for owners to access a comprehensive resource of vehicle data by connecting to access authorization hotspots.

Enhanced Health, Security, and Safety

In turn, this would reserve access and control of the car to a specific person, making the vehicle virtually theft-proof.  Porsche Vice President Uwe Michael said in an interview that the company’s use of Blockchain technology would make the purchasing process and the driving experience faster, safer, and more convenient for everyone.

Porsche is also reported to be working on an audible data logging feature which will grant owners full access to the history and performance details of their vehicle. This would greatly increase a car’s lifespan as it will smartly suggest which repairs or upgrades need to be undertaken.

Autonomous driving technology will also greatly benefit from this project. Cars will become learning machines thanks to the regional learning feature. Thanks to Blockchain technology, it can even be shared with other vehicles, which will significantly improve the network of autonomous-driving cars.

Thanks to XAIN

The collaboration is a product of the Porsche Innovation Contest held last year that aims to search for ways to improve the safety and sustainability of vehicles through Blockchain technology. XAIN won the contest, and in the process, gained collaboration rights with the auto manufacturer.

Follow us on Telegram | Twitter | Facebook

Featured Images are from Shutterstock.

Blokt is a leading independent cryptocurrency news outlet that maintains the highest possible professional and ethical journalistic standards.

LEAVE A REPLY

Please enter your comment!
Please enter your name here