Porsche Begins Testing Blockchain Integration With Its Vehicles
Big things are happening within Zuffenhausen, Germany, headquarters of Porsche.
As per a Porsche press launch, the auto powerhouse is making a major push towards integrating blockchain technology into its automobiles.
At a partnership with XAIN, a technology startup located in Berlin, Porsche is allegedly working on developing blockchain applications with its cars. Matters like locking and unlocking a car, parking, or perhaps business use like loaning out the business car to a worker are all made easier by way of the blockchain.
Particularly useful is how blockchains are basically public ledgers. Because all transactions (in this case, actions involving the automobile) are recorded in an immutable ledger, collecting data about driver behavior and vehicle performance will be significantly easier to track.
Automobile owners would have the ability to track who obtained their automobile, by whom and when. This could play a significant element in expanding the “sharing” market that has exploded over the last couple of years.
It opens up a world of possibilities with P2P transactions between automobile owners. Rather than using a credit card to refill their gas tank or recharge their car battery, motorists could send each other the equivalent of “PorscheCoins,” to pitch to get a night out on town.
By incorporating their cars with the blockchain, Porsche also capitalizes on the “blockchain mania” sweeping the world. Film giant Kodak recently rented their name out to KodakCoin “a photo-centric cryptocurrency to empower photographers and agencies to take greater control in image rights management.”
After Kodak made their announcement, their inventory tripled. At the time of this writing, it has since leveled off to merely double its price. Not bad for a company that had seemed to eliminate all significance in a universe of technology.
Their stock price doubled after announcing that it was changing it’s name to Long Blockchain, radically altering their business model instantly.
Although this movement by Porsche seems real and not a ploy to woo investors, it will doubtless have the impact of exciting them yet. Porsche hasn’t declared their very own digital currency yet, nor even hinted at it but the desire to cash in on “crypto mania” may prove to be too great for the German automaker.
The actual question is: who is this XAIN firm, and just how did they fasten the bargain with Porsche to manage their blockchain branch in the first location?
A closer look shows that XAIN won the blockchain-centric “Porsche Innovation Contest” in summer 2017, placing first out of a hundred contestants. Following the contest, teams from different departments within Porsche worked collectively with XAIN to produce apps that intergrated with the automobiles’ computer systems.
The founders of XAIN, Leif-Nissen Lundbaek and Felix Hahmann, got their start in the automotive industry. An individual could imagine that would come in handy when integrating blockchain-based apps in cars. Notably high-energy vehicles like those produced by Porsche.