Porsche Testing Blockchain Technology – Cryptocurrency News

Enter The Crypto > Bitcoin > Porsche Testing Blockchain Technology – Cryptocurrency News

Porsche is the first car manufacturer to test blockchain technology with the view of adding blockchain to its cars.

 

In a recent press release, Porsche stated the following:

 

In collaboration with the Berlin-based start-up XAIN, Porsche is currently testing blockchain applications directly in vehicles. This makes the Zuffenhausen-based company the first automobile manufacturer to implement and successfully test blockchain in a car.

 

How can the blockchain help porsche?

 

If Porsche does decide to implement blockchain technology, it could so in a number of ways. The blockchain could include the following:

 

  1. Transfer data between Porsche and the car/customer quickly and securely, without being hacked
  2. Allowing secure and easy access to the car via a mobile app
  3. Recording data such as mileage, service history, repairs etc on the blockchain without them being forged
  4. The blockchain could also restrict access to the vehicle where, for example, there is outstanding finance on the vehicle which has yet to be paid
  5. Allowing the owner of the vehicle to grant a third party temporary access to the vehicle

 

The blockchain opens up many possibilities for companies. Whether you like Crypto or not, it appears that the blockchain will be here for a long time, and can be truly revolutionary to many organisations as well as public services.

 

I would highly recommend each reader to take time to study the blockchain in order to be prepared to what I believe will be the future.

 

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We are not investment or financial advisors and are here to provide news and our opinions. Please be fully informed regarding the risks and costs associated with trading the financial markets and the Cryptocurrency market, it is one of the riskiest investment forms possible.

 

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