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Porsche Introduces Blockchain Technology In Cars

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German luxury carmaker Porsche is testing blockchain applications directly in vehicles, becoming the first auto manufacturer to use the new technology.

In a statement, Porsche said it is teaming up with Berlin-based start-up XAIN, which offers various blockchain and artificial intelligence solutions. XAIN had won the first "Porsche Innovation Contest" on the subject of blockchain, following which both worked over the course of three months to develop and test applications.

The vehicle manufacturer noted that blockchain was introduced into the Porsche Panamera using an energy-efficient mining process from XAIN. Porsche is also currently working on further applications for the technology, including in the areas of charging and parking.

According to the firm, the transactions based on blockchain technology are both secure and can be processed far more quickly than anything that has come before.

The company has tested applications including locking and unlocking the vehicle via an app, temporary access authorisations and new business models based on encrypted data logging. This could be developed further to improve autonomous driving functions, it said.

Blockchain, a decentralized and encrypted ledger for data transactions between business partners, also forms the basis of cryptocurrencies Bitcoin and Ethereum.

Oliver Döring, Financial Strategist at Porsche, noted that blockchain could hold enormous potential.

He said, "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."

The company noted that with the move, the car becomes part of the blockchain, making a direct offline connection possible - that is, without diversion through a server.

The process of opening and closing the car via an app will take 1.6 seconds, up to six times faster than before. Also, efficient cryptographic encryption process ensures that all activities are documented in the blockchain in a way that prevents them from being modified, and can be viewed using an app, it said.

Porsche added that it is also working on new business models based on blockchain, with which the future of autonomous driving will see improved functions.

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