Porsche, the maker of premium automotive, is partnering with XAIN, a blockchain-based expandable AI network, to implement blockchain-based applications for Porsche cars. According to a press release, Porsche is one of the first automobile manufacturers to successfully test blockchain in automobiles.
Porsche will be using smart contracts and machine learning to accomplish quite a few tasks. Blockchain would be used to control access to cars. Smart contracts will determine if a car ownership or lease is up-to-date and provide car access accordingly. It can also be used to give temporary access to the vehicle remotely.
Blockchain will also play a crucial role in faster and more secure data transfer. New business models can take advantage of the encrypted data logging. The car-centric blockchains can be used to pay for parking, gas or charging.
The manufacturer is also optimistic about the future prospects of blockchain in the automotive industry. It expects the technology to help improve the learning capabilities and safety features of autonomous cars.
BigchainDB, a blockchain-based database, has been a proponent of the use of blockchain for the automotive industry. According to BigchainDB, the automotive industry can use blockchain to track and verify automotive parts and vehicle provenance.
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