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.
Bank Of America Secures A Patent For Crypto Aggregation Systems
China’s Ping An Insurance Group To Build A ‘Smart City’ By Using Blockchain Technology
Blockchain ‘Smart Money’ Trialed By Australia’s Science Agency And Commonwealth Bank
“Our use of blockchain added new kinds of programmable behaviors to the smart money in the prototype system. This automation and flexibility could reduce friction and enable greater innovation in many payment environments and unlock network-effect benefits. This could include more directly connecting citizens to public policy programs, empowering people to optimize their spending through things like smart savings plans and smart diets, and reducing costs for businesses, including through the potential for self-taxing transactions.”This is not the first blockchain trial where the CSIRO was involved. Previously, the organization collaborated with the University of Sydney, testing a blockchain application on the cloud infrastructure platform of Amazon Web Services - finding that the application was able to achieve a speed of 30,000 transactions per second.
Iran Gets Removed From SWIFT, Considers Switching To Crypto As Planned
“The US has gone rogue, and cannot be allowed to dictate economic or political policy to the rest of the world. The sooner the rest of the world develops an alternative payments system – possibly working through SWIFT, but using a basket of currencies as the basis for a supra-national unit of exchange – the better. The USA is big enough to bully what should be an impartial means for monetary transactions between countries. This should not be possible.’’However, the Iranian Parliamentary Commissioner of Economic Affairs, Mohammad Reza Pourebrahimi, said that the country is working on a plan to involve cryptocurrencies as international payment methods cooperating with Russia. Already multiple businesses in Iran such as HotelsinIran which is a major booking platform started accepting cryptocurrencies as a payment method. Many experts believe that this is a perfect way for cryptocurrencies to gain mass adoption in Iran.
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- Bank Of America Secures A Patent For Crypto Aggregation Systems
- China’s Ping An Insurance Group To Build A ‘Smart City’ By Using Blockchain Technology
- Blockchain ‘Smart Money’ Trialed By Australia’s Science Agency And Commonwealth Bank
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