Many experts and professionals have praised and touted the blockchain technology to be having industry-wide applications and will be at the forefront of the next industrial revolution. In the past few years, we have seen how the blockchain technology has set a transformative change in the existing financial system giving rise to a new concept called ‘fintech’.
In a new development in the automobile sector, German automotive giant ‘Porsche’ has officially announced testing the integration of blockchain technology with cars. Apparently, the automobile manufacturer Porsche is currently exploring the use of Blockchain app in its cars while working in tandem with Berlin-based startup XAIN.
These applications included testing of features like locking/unlocking the cars, parking features, or even other enterprise features like renting out the car or loaning out the company car to an employee, all this by using the blockchain technology.
The automotive giant said that through the use of Blockchain, many transactions involving the car activity like getting real-time data about vehicle performance or the data about driver behaviour will be absolutely easy to track and record. Moreover, the blockchain technology can also be very useful in improving the safety aspects and the capabilities of a ‘driverless’ car.
Oliver Döring, financial strategist for Porsche, during the press release, said: “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.”
The announcement made by Porsche also states that using the blockchain-powered app, it is possible to open and close a car door just in 1.6 seconds which is six times faster than earlier. This becomes possible when “the car becomes part of the Blockchain, making a direct offline connection possible – that is, without diversion through a server”.
Moreover, Porsche also states that “[Efficient cryptographic encryption] ensures that all activities are documented in the blockchain in a way that prevents them from being modified, and can be viewed using an app. For example, access authorizations can be distributed digitally and securely and can be monitored by the vehicle owner at any time. Access also works remotely.”
The automotive giant is also said to be working on new business models and parameters using the blockchain technology. Using the audible data logging, Porsche is also testing encryption of processed data locally in a distributed blockchain. The user remains in charge of the data and can decide how it needs to be used depending on the situation. This process is completely transparent as all activities remain documented on the blockchain.