Porsche blockchain project might offer insights on how blockchain will be used for autonomous cars in the future. Volkswagen and IOTA are also working together on a blockchain project. The blockchain is also being apply to the improving supply chains by various companies
SUV manufacturer Porsche, which is also a division of Volkswagen became the first in the world to integrate and test blockchain in a car successfully. It marks another movement in the usage of blockchain in more applications, and this one is unusual.
It makes use of Ethereum blockchain smart contracts which helps enforce customizable but immutable rules on car use. Porsche manufactures sports car, sedan, and SUVs. The company is collaborating with German start-up XAIN to see the implementation of the new blockchain project successful.
Porsche says blockchain technology can improve on traditional techniques inside the car. The implementation could see blockchain become part of the car even in an offline situation. Smart contracts and blockchain keys being use to allow certain parties access to the vehicle at specific times or locations. For, instance, the limited access granting to valets or authorized mechanics.
Additionally, blockchain could facilitate functions such as the locking, unlocking and opening the door of the car faster. It will improve the speed of opening the door six times because the data will not be processing through a server. In-car blockchain can also help in the faster payment of parking fees or be charging. These are just a few examples of the functions that would become better with the use of blockchain.
It means that, if such projects are successful, blockchain could become part of the future autonomous vehicles. For instance, with users having access to car data on the blockchain, users can securely share it with others which would hopefully improve the free driving experience.
Meanwhile, Volkswagen and IOTA are also working together to transform the vehicle industry using IOTA’s blockchain. BMW is also partnering with VeChain in a blockchain project where it is hoping to use blockchain to improve on supply chain efficiencies. Additionally, the company has been accusing of cheating on diesel-emission and blockchain could help enhance consumer trust.