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article imagePorsche: First Car Company to incorporate blockchain

By Tim Sandle     Mar 9, 2018 in Business
Porsche has become the first car company to implement blockchain in a vehicle. Areas covered include locking and unlocking the vehicle via an app and time-limited access authorizations.
The blockchain scheme will also extend to new business models via encrypted data logging and initiatives designed to improve future autonomous driving functions. For these developments the German car manufacturer is working with Berlin headquartered startup company XAIN.
According to Smart2Zero, the blockchain system will be intended as a distributed protocol to capture data transactions that take place between business partners. The application will ensure that for each change made there is recorded transparently. The data captured will also be forgery-proof, and available for audit in terms of chronologically consecutive data blocks.
Discussing the plans for blockchain incorporated into the sports cars, Oliver Döring, who is the financial strategist at Porsche, stated: "We can use it to transfer data faster and more securely and thus offer our customers even more convenience in the future, be it for loading, parking or to guarantee temporary access to the vehicle for third parties, such as a parcel delivery service".
Through the car of the (near) future becoming part of a blockchain this means that sales and servicing is captured and cannot be altered. Such information can also assist with security, knowing when a car has been used or not used.
There are also other efficiencies in terms of time. These arise through the Porsche cars being directly connected, avoiding any data detours via a central server. For example, the activity of opening and closing the vehicle through the aid of an app would become six times faster, at 1.6 seconds, compared with more conventional methods.
With the activity of unlocking, security is also enhanced since the connection will be cryptographically encrypted. Furthermore the digital ledger captures all data, and such activities can be viewed through an app. Here the owner of the high-end sports car will be able to track all activities. Moreover, if the owner was minded to do so access rights to the car can be passed onto others through a remote transaction.
Porsche is working on turning its cars electric and blockchain further assists here. For connecting to electric power points the use of blockchain permits faster and more secure authentication at a charging station, plus a secure and traceable means of making payments.
Working with XAIN, trials have been undertaken on a Porsche Panamera with the results reportedly successful. Further trials will be undertaken.
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