German automobile giant, Porsche have taken the leap to explore Block-chain technology to improve the autonomous driving functions of their cars. This positions the automobile company as the first to implement and successfully test blockchain in a car.
In a statement, Oliver Döring, the company’s financial strategist said, “We can use blockchain to transfer data more quickly and securely, giving our customers more peace of mind in the future, whether they are charging, parking or need to give a third party, such as a parcel delivery agent, temporary access to the vehicle. We translate the innovative technology into direct benefits for the customer”. He added that the innovative technology will be translated into direct benefits for the customers. The services developed on the foundation of blockchain are fast and very secure.
This implies that the car becomes a part of the blockchain, making a direct offline connection possible. This will be without diversion through a server. With a record time of 1.6 seconds, the process of opening and closing the car via an app is six times faster than before, thus making room for efficient cryptographic encryption to take place. This process ensures that all activities are documented in the blockchain, such that they are prevented from being modified, and can be viewed using an app.
Porsche will make this feat possible in partnership with Berlin based start-up, XAIN. They will work together to develop and test applications.
In a similar development, Porsche is currently developing further blockchain applications for charging and parking, in addition to constructing a new blockchain-based business model which relies on auditable data logging and local encryption in a distributed ledger – effectively putting users in complete control of data while activities are logged and deletions are made transparent. The company is also working on further applications for the technology, including in the areas of charging and parking.