Porsche

Porsche Starts Working with Blockchain Technology After Volkswagen

Different car producers are starting to use blockchain technology in the vehicles they are producing. Now, Porsche is testing Ethereum-based blockchain technology in collaboration with a start-up known as XAIN. This start-up is already working with DHL, Volkswagen, Nvidia, and many other enterprises in the industry. With this partnership, XAIN will help Porsche improving its autonomous driving functions.

Blockchain Technology for Cars

Blockchain has many different use cases, depending the industry. In cars, it can be used to improve the tracking system of autonomous vehicles or the driving functions of them. The information arrives one week after Volkswagen unveiled its plan to use IOTA to improve its products and services.

Porsche 1
Porsche

XAIN, as well as other enterprises, were able to participate in the Porsche Innovation Contest. The winner start-up was XAIN, that leverages new technologies, including blockchain.

About the use of blockchain technology, the German car company wrote a statement that reads as follows:

“The car becomes part of the blockchain, making a direct offline connection possible – that is, without diversion through a server. Taking 1.6 seconds, the process of opening and closing the car via an app is up to six times faster than before. In addition, efficient cryptographic encryption takes place.”

The company is testing the use of blockchain technology directly in its vehicles. For example, at the moment, Porsche was able to successfully test an unlocking mechanism by using smart contracts on the Ethereum platform. With Smart Contracts, the car manufacturer is able to integrate easily with other third parties without any other hardware.

Another use that Porsche is giving to blockchain technology is by using encrypted data loggings. With this business model, Porsche is able to give the control of the data to the user. In this way the user is able to make a decision according to a specific situation.

The partnership will last three months and new ideas will be generated and discussed. With Volkswagen and Porsche joining the blockchain industry, it will be important to see which other car companies will be the next ones to join the blockchain group.