Porsche Begins Testing Blockchain Integration With Its Vehicles
According to a Porsche press release, the auto powerhouse is making a significant push towards integrating blockchain technology into its cars.
In a partnership with XAIN, a technology startup located in Berlin, Porsche is allegedly working on developing blockchain applications with its automobiles. Things like locking and unlocking a vehicle, parking, or even enterprise usage such as loaning out the company car to a worker are all made easier by way of the blockchain.
Especially useful is how blockchains are public ledgers. Because all trades (in this case, actions involving the automobile) are listed in an immutable ledger, gathering data about driver behaviour and vehicle performance will be much easier to track.
Car owners would theoretically have the ability to monitor who accessed their vehicle, by whom and when. This could play a big factor in expanding the «sharing» economy that has exploded over the last few years.
Moreover, it opens up a world of possibilities with P2P transactions between vehicle owners. Rather than using a credit card to refill their gas tank or recharge their automobile battery, drivers could send each other the equivalent of «PorscheCoins,» to pitch in for a night out on the town.
By integrating their automobiles 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 enable agencies and photographers to take greater control in image rights management.»
After Kodak made their announcement, their stock price tripled. At the time of this writing, it has since leveled off to only twice its price before the announcement. Not bad for a company that had appeared to get rid of all significance in a rapidly-advancing world of technology.
Another interesting example is The Long Island Ice Tea Company. Their stock price doubled after announcing that it was changing its name to Long Blockchain, drastically changing their business model overnight.
Porsche hasn't announced their own digital money yet nor even hinted at it — but the temptation to cash in on «crypto mania» may end up being too good for the German automaker.
The real question is: who's this XAIN company, and how did they secure the deal with Porsche to manage their blockchain branch in the first place?
A closer look reveals that XAIN won the blockchain-centric «Porsche Innovation Contest» in summertime 2017, putting out of one hundred contestants. After the competition, teams from other departments within Porsche worked with XAIN to produce programs that incorporated with the cars' computer systems.
Their pedigree includes working with the University of Oxford and Imperial College London on a blockchain system which decreases the electricity-consumption of cryptocurrency mining. One could imagine how that would come in handy when integrating programs. Especially vehicles such as those produced by Porsche.