The first car on the blockchain will be created by the Porche company

The Story of Porsche: From WW2 to the 911

The first car on the blockchain will be created by the Porche company

Porsche talked about being the first car manufacturer to implement and successfully test blockchain technology in cars.

The range of application of blockchain technology can be quite wide: from closing and opening car doors through a special application with the ability to authorize temporary access to new improved business class models using encrypted data registration. Porsche also said blockchain technology could be used in the future to improve the safety and efficiency of self-driving cars..

Oliver Döring, Porsche’s financial strategist, is convinced of the enormous potential of blockchain technology. He believes blockchain can be used to transfer data faster and more reliably, thereby providing greater peace of mind to the company’s customers. Whether it is while refueling, parking or, if necessary, grant temporary access to the vehicle to a third party, such as a delivery agent. 

The first car on the blockchain will be created by the Porche company

Following Porsche’s vision, blockchain capabilities will speed up the process of opening and locking the car with an app in six time. This will be possible when the car becomes part of the blockchain, while providing direct offline access without redirecting through the server. The current methods still require an online connection and adjustment of the vehicle data according to their equivalent stored on the server..

Other auto companies are also experimenting with blockchain technology. Vendor ZF, bank UBS and major software developer IBM are working on the Car eWallet, a car e-wallet that can securely conduct transactions at gas stations, multi-storey car parks and toll stations..

Which car will the crypto people choose? Read the reflections of our columnist Alexander Petrov.   

photo: iStock