PORSCHE TO IMPLEMENT BLOCKCHAIN TECHNOLOGY FOR CARS

2. Porsche to implement Blockchain Technology for Cars The Blockchain is a promising technology which has laid the foundation stone for the future. With its multitude of features has made it useful for various industry needs. Blochain is a distributed ledger technology which allows shared access to data stored in the ledger. Any information exchange or transaction that takes place on the Blockchain platform gets stored in it and is time-stamped. Thus, making it easy for people to trace it or track it. Blockchain has impacted every business vertical including the automotive industry.

3. Key development of Blockchain in the automotive Industry There have been some recent developments in the field of Blockchain in the automotive sectors. Many of the big names like Porsche, Toyota have shown their inclination towards the use of this technology to make their cars smarter and more powerful. Well, when it comes cars, then they have come a long way from being just the mode of transportation, today, cars are all about comfort, safety, luxury, power, and performance. The automotive companies are trying to use Blockchain to improve these features and become more competitive.

4. Toyota, one the leading Japanese car manufacturing company has tied up with R3 CEV Consortium. We know that Blockchain is a great medium to track and thus, it finds application in supply chain management. With this collaboration, Toyota will be using DLT to make its supply chain more efficient. Daimler Financial Services in 2017 acquired PayCash Europe. The objective behind this was to provide crypto-currency based services and e-pay.

5. What is Porsche doing in this domain? Porsche one of the leading luxury car manufacturing company has collaborated with XAIN which is a Berlin-based start-up to explore the application of Blockchain in the automotive industry. The company is testing the Blockchain application in the vehicles. Thus, making Porsche the first company to implement the Blockchain technology. Although there are others, their plans are still on paper while Porsche has started experimenting with the same.

6. The company plans to make the car a part of the Blockchain which allows the driver to have an offline connection with the vehicle without any need of a server. It will reduce the time the time consumption in the opening and close the by six times. The company will develop an app which will guide the entire process. It will take just 1.6 seconds for the person to open and close the car. Furthermore, all these activities are encrypted and stored in the ledger. It nullifies the chances of changing or altering the data. Therefore, you can track how many times the car was used.

7. Another key feature of this technology is that it will give temporary access authorisation for the vehicle is safely and securely. Porsche is now trying to work on a new business model using Blockchain. The encrypted data logging will help in improving the safety and capabilities of driverless cars Learn more about Blockchain

8. Conclusion The crux of the matter is that Blockchain does hold a promising future. It is a technology that every company is eyeing to improve their productivity and at the same time give them a competitive edge. Although the picture looks perfect as of now, certain questions need an answer, like, regularisation of the Blockchain, consumption of resources, etc. When it can overcome all these hurdles, Blockchain will become the best technology which is 100 per cent full-proof, safe and transparent.

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