Porsche first to implement blockchain technology
- May 11, 2018
- UK Market Reports
- Posted by Clive Sutton
- Comments Off on Porsche first to implement blockchain technology
Blockchain technology is weaving its way through various businesses. Porsche is the first car company to implement blockchain technology for their vehicles.
What is blockchain technology? Without getting into the technical details too much, it is a distributed ledger of transactions verified by independent third parties with everything being encrypted. Basically, it is a log of events that everyone can see to determine what has happened in the past. In other words, with blockchain, you can easily access the history of a second-hand car and see every single detail of its life.
Porsche is implementing blockchain technology to transfer data more quickly and securely, and to give its customers more peace of mind in the future. This will be the case whether they are charging, parking, or need to give a third party such as a parcel delivery agent, temporary access to the vehicle.
The data with regard to each car they build could be included on the blockchain. This will be more than just the vehicle’s individual history in terms of service records or ownership. At any data point on the blockchain information about road conditions, traffic congestion, parking spaces, and weather information can be stored and shared with the other vehicles that are part of the blockchain system.
Overall, we are excited to see the implementation of blockchain technology in the automotive industry and look forward to experiencing it.