A lot of people are still questioning the power of blockchain technology and its use in numerous industries. However, the leading companies that are first in embracing the blockchain are here to prove us wrong. One of them is Porsche, the leading luxury automobile giant and a powerhouse that has been making a push towards blockchain integration over the past few weeks.
According to a press release by the company, the partnership between Porsche and XAIN which is a tech startup from Berlin will allow the blockchain technology applications in their cars. The initial efforts of the technology will begin with things like locking and unlocking vehicles, parking or giving detailed information about the usage of the vehicle – all thanks to the blockchain.
Since blockchains are public ledgers and all of the transactions are recorded in an immutable ledger, gathering the data about driver behaviour will also be a lot easier for Porsche. If you are a Porsche owner, you will be able to monitor who accessed your vehicle, when did they access it and what did they do.
Porsche points out that the blockchain opens a world of possibilities – from the ‘sharing economy’ which expanded a lot over the past decade to the peer-to-peer transactions occurring between vehicle owners. There is even space for “PorscheCoins” which will allow drivers to send each other gas money or car battery power.
All in all, this is a smart move for the automobile giant from Zuffenhausen, Germany – and indeed a move that will position Porsche among the leading innovators in car manufacturing.
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