Porsche Is First to Implement Car-Based Blockchain

Global sports car brand Porsche will lead the auto industry into blockchain innovation with applications ranging from keyless entry to autonomous driving.

Porsche said it is partnering with Berlin-based startup XAIN to test a number of blockchain concepts, such as providing temporary access authorizations to a vehicle. Blockchain systems would manage access to the vehicle’s data and functionality info.

The same technology would secure this communication via encryption. And what it truly exciting is that third-parties can integrate this technology seamlessly and without adding additional hardware through blockchain-based “smart contracts.”

Smart contracts are defined as automated connections the initiate transactions only when the pre-defined security measures and conditions are met. Porsche hopes to implement this technology in order to provide their customers with more electric vehicle models, “starting with faster, more secure authentication at the charging station through to the payment process,” said Uwe Michael, Head of Electrics/Electronics Development at Porsche.

The car maker sees tremendous potential for blockchain, particularly when it comes to creating a safer and more efficient driving experience for their customers.

“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,” Porsche said in a press release.

Efficient mining

Last year XAIN won the first “Porsche Innovation Contest” on the subject of blockchain, beating out a hundred other competitors. As a result XAIN was able to work with Porsche to create the various applications that are currently being tested on the Porsche Primavera.

Founders Leif-Nissen Lundbæk and Felix Hahmann are very active within the automotive industry, but XAIN is getting attention from the mining community as well. This is due to the fact that XAIN, alongside researchers from Imperial London College and the University of Oxford, have developed a blockchain technology that consumes considerably less energy.