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Porsche introduces blockchain to cars
Fast and secure transactions thanks to decentralised protocol
. In collaboration with the Berlin-based start-up XAIN,
Blockchain is a decentralised protocol for data transactions between business partners. It also forms the basis of the well-known cryptocurrencies Bitcoin and Ethereum. Every change is recorded in chronologically arranged data blocks, making it transparent and tamper-proof. This could hold enormous potential, according to Oliver Döring, Financial Strategist at
The services developed on the foundation of blockchain are fast and very secure. The car becomes part of the blockchain, making a direct offline connection possible – that is, without diversion through a server. Taking 1.6 seconds, the process of opening and closing the car via an app is up to six times faster than before. In addition, efficient cryptographic encryption takes place. This 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. For example, access authorisations can be distributed digitally and securely and can be monitored by the vehicle owner at any time. Access also works remotely.
New business models based on blockchain
Moreover, the technology makes it possible to assign temporary access authorisations for the vehicle – in a secure and efficient manner. A protected connection to vehicle data and functionalities can be established using blockchain. At the same time, it protects all communication between participants. Third-party providers can be integrated without the need for additional hardware, simply by using “smart contracts”. Smart contracts are automated contracts that trigger transactions upon the occurrence of previously defined conditions. This means that compliance with the contract is ensured through technology. "With this modern technology, we are also fostering our electromobility offensive: ranging from a faster, easier and safer authentication at the charging station to the payment process," says Uwe Michael, Vice President Electric/Electronic Systems at
The start-up XAIN won the first “
XAIN offers various blockchain and artificial intelligence solutions, with a particular focus on intelligent industrial applications. The founders Leif-Nissen Lundbæk and Felix Hahmann are particularly active in the automotive industry, where the two started out their careers. Together with researchers from the University of Oxford and Imperial College London, XAIN has developed a blockchain system in recent years, which significantly reduces the energy consumption of mining. This means that the solution XAIN can offer is also suitable for mobile devices and vehicles.
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