Blockchain Technology Introduced In Cars By Porsche

German luxury carmaker Porsche tests the opportunity to insert blockchain applictions in vehicles. This will make the company as a first manufacturer using the new technology.

Porsche informed, that blockchain was introduced into the Porsche Panamera using an energy-efficient mining process. Currently, the company is also working on further applications for the technology, such as parking and charging.

According to the firm, the transactions based on blockchain technology are both secure and can be processed far more quickly than anything that has come before.

There were tested more applications by the company, including locking and unlocking the vehicle via an app, temporary access authorisations and new business models. This move could be developed to improve autonomous driving functions.

A Financial Strategist at Porsche, Oliver Döring sees an big potential in blockchain. He 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.”

Through this move, the car will become the part of blockchain, making a direct offline connection available.

The opening and closing process of the cars via this app will take 1.6 seconds, which is 6 times faster than before. It also said, that all activities are documented in the blockchain, that prevents them from being modified.

The company also works on new business models based on the blockchain technology, which will help to improve the future of autonomous driving functions.