The blockchain technology is being used in all the industrial sectors and the automotive industry is not an exception. Porsche, a famous car manufacturer from Germany, announced it was testing the blockchain technology to improve the functionality and security of its vehicles.
In cooperation with a startup company called XAIN from Berlin, Porsche is performing various tests related to the application of the blockchain technology in cars, such as the implementation of mechanisms for automatic door opening and closure, temporary authorizations to access the vehicle or the possibility to track all the activities of the vehicle in a blockchain and visualize them in an app. Moreover, the company is working on new business models based on the blockchain technology, since this innovative technology could improve the automatic pilot functions of cars in the future.
According to Porsche, the app to open or and close the car is now six times faster than before. It only takes 1.6 seconds to accomplish this task. The car connects directly to the blockchain, which allows the owner to access the vehicle from longer distances. This is possible thanks to the adoption of the smart contracts, a technology that helps automate different tasks.
On the other hand, the new business models investigated by the company are related to the automatic driving and many improvements in this field are made possible by the blockchain technology. Some of the improvements include information about routes, accidents and various aspects that can be shared with other drivers in the network.
According to Oliver Döring, financial strategist at Porsche, the blockchain technology has the capacity to offer better services to the client: “We can use the blockchain technology to transfer information more quickly and securely, giving more peace and tranquility to our clients in the future, whether they are fuelling their car or need to provide a temporary access to the car to somebody else. We are converting this innovative technology into direct benefits for the consumer.”
When it comes to XAIN, this company is specialized in solutions for the industrial sector based on artificial intelligence (AI) and the blockchain technology. XAIN won the Porsche Innovation Contest, dedicated exclusively to startups specialized in the blockchain technology. The contest took place during last year with 100 participating projects. After winning the contest, the company worked three months on the testing of the aforementioned applications.
Porsche is not the only company from the automotive sector working with the blockchain technology. Many different projects are currently going on and involve companies such as IBM, Daimler AG, Seat and Telefónica.