Porsche, the German-based luxury automobile manufacturer is working toward utilizing blockchain in its line of vehicles, according to a press release issued by the company. Porsche will be partnering with a Berlin-based tech startup called XAIN to develop the new technology.
Porsche has a vision for blockchain integration, using an immutable ledger to track all kinds of driver behavior and vehicle performance data. Blockchain could also be used to track such usage as doors being unlocked, parking, navigation, or vehicle rentals.
Oliver Döring, Financial Strategist at Porsche explains:
“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.”
Porsche says, the car itself becomes “part of the blockchain.”
XAIN - which is an acronym for eXpandable AI Network - who Porsche is partnering with for the technology is a developer of various emerging technologies, such as IoT, AO, and of course, blockchain.
The application and partnership also hints at using the technology for self-driving autonomous cars. Another possibility is to create a PorscheCoin ecosystem for vehicle owners and drivers, for making payments for gas or various other services.
The Porsche blockchain runs on Ethereum blockchain, and makes a direct offline connection possible without a server. This process Porsche hopes to increase the speed in which users can lock and unlock the car by up to six times.
Many are calling the move by Porsche their attempt at riding the recent blockchain and cryptocurrency buzz, similar to what Kodak and Atari have done in recent weeks, announcing adopting blockchain and crypto, and seeing their stocks soar as a result.
Porsche is currently the first car manufacturer to talk about how they are using blockchain. However, they are not the only car manufactures considering adopting the technology. Just last week at the VeChain rebranding event, a partnership with BMW was announced. Though it is not clear what the partnership entails, it is very likely that blockchain is at the forefront of whatever they are planning.