Porsche, in cooperation with the Berlin startup XAIN is testing blockchain app for cars. The German automaker issued a press release in which it stated that it was “the first car manufacturer to have implemented and successfully tested the blockchain in the car.”
In a press release revealed details of the integration of blockchain technology in a computer system of the car. It is reported that the application under test affect the locking process, Park the car, its transfer to a third party and collecting data on all vehicle characteristics and driver behavior.
“We can use the blockchain for faster and more reliable data transmission, which gives our customers the confidence that when they charged the battery, Park it or provide temporary access to the vehicle by a third party organization, such as service delivery,” said a specialist in financial strategy Porsche Oliver Doering (Oliver Döring).
So, company representatives say that the process of locking and unlocking the vehicle with the use of technology becomes “up to 6 times faster than before” and it takes 1.6 seconds.
In addition, the blockchain makes the process a temporary transfer car to another person or organization easier and more transparent, because all communications and transactions are recorded in an immutable registry. Theoretically, the car owner will have full control over the data about your car when deciding how to use them. Also, through the use of smart contracts, there is no need for additional equipment when working with third-party companies. The developers note that this approach is an excellent illustration of the concept of the sharing economy, which has been widespread in recent years.
Moreover, the integration of the blockchain opens up opportunities for P2P transactions between car owners — so that when you need to fill your gas tank or recharge a battery, instead of a credit card payment drivers could use tokens, for example, “PorscheCoins”.
However, it is worth noting that Porsche’s press release contains not one hint of a possible issue its own cryptocurrency, although the temptation to play “kleptomania” that has swept the world, may be the German automaker too much. So, the global interest in the technology in January, is back on the front pages of photographic equipment manufacturer Kodak — recall, the company’s shares, announced the creation of a blockchain platform and “cryptocurrency for photographers”, at that moment jumped more than 100%.
However, while the German automaker is focused on working on the functionality of their cars, testing the blockchain on the Porsche Panamera and planning in the future to focus on the application of technology to improve the function of Autonomous driving.
Note, it seems somewhat surprising cooperation of the automotive giant to a little-known startup, but it is only at first glance. So, it XAIN won the competition blockchain innovation “Porsche Innovation Contest” last summer, failing to become the first among 100 participating teams.
The founders XAIN life-Nissen, Lundbeck (Leif-Nissen Lundbaek), and Felix Hamann (Felix Hahmann) has worked in the automotive industry early in his career. In addition, together with the University of Oxford and Imperial College London they participated in the creation of the blockchain system, which reduces consumption of electricity for the mining of cryptocurrencies that can be very useful for production of such powerful cars like Porsche.
Recall another student project, participated in the competition Porsche and the second place finisher, developed on the basis of the IOTA Tangle a prototype system for automatic payment of refilling.