PORSCHE TO IMPLEMENT BLOCKCHAIN TECHNOLOGY FOR CARS 14

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Porsche to implement Blockchain Technology
for Cars

• The Blockchain is a promising technology which
  has laid the foundation stone for the future.
  With its multitude of features has made it useful
  for various industry needs. Blochain is a
  distributed ledger technology which allows shared
  access to data stored in the ledger. Any
  information exchange or transaction that takes
  place on the Blockchain platform gets stored in
  it and is time-stamped. Thus, making it easy for
  people to trace it or track it. Blockchain has
  impacted every business vertical including the
  automotive industry.

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Key development of Blockchain in the automotive
Industry

• There have been some recent developments in the
  field of Blockchain in the automotive sectors.
  Many of the big names like Porsche, Toyota have
  shown their inclination towards the use of this
  technology to make their cars smarter and more
  powerful. Well, when it comes cars, then they
  have come a long way from being just the mode of
  transportation, today, cars are all about
  comfort, safety, luxury, power, and performance.
  The automotive companies are trying to use
  Blockchain to improve these features and become
  more competitive.

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• Toyota, one the leading Japanese car
  manufacturing company has tied up with R3 CEV
  Consortium. We know that Blockchain is a great
  medium to track and thus, it finds application in
  supply chain management. With this collaboration,
  Toyota will be using DLT to make its supply chain
  more efficient.
• Daimler Financial Services in 2017 acquired
  PayCash Europe. The objective behind this was to
  provide crypto-currency based services and e-pay.

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What is Porsche doing in this domain?

• Porsche one of the leading luxury car
  manufacturing company has collaborated with XAIN
  which is a Berlin-based start-up to explore the
  application of Blockchain in the automotive
  industry. The company is testing the Blockchain
  application in the vehicles. Thus, making
  Porsche the first company to implement the
  Blockchain technology. Although there are others,
  their plans are still on paper while Porsche has
  started experimenting with the same.

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• The company plans to make the car a part of the
  Blockchain which allows the driver to have an
  offline connection with the vehicle without any
  need of a server. It will reduce the time the
  time consumption in the opening and close the by
  six times. The company will develop an app which
  will guide the entire process. It will take just
  1.6 seconds for the person to open and close the
  car. Furthermore, all these activities are
  encrypted and stored in the ledger. It nullifies
  the chances of changing or altering the data.
  Therefore, you can track how many times the car
  was used.

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• Another key feature of this technology is that it
  will give temporary access authorisation for the
  vehicle is safely and securely. Porsche is now
  trying to work on a new business model using
  Blockchain. The encrypted data logging will help
  in improving the safety and capabilities of
  driverless cars
• Learn more about Blockchain

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Conclusion

• The crux of the matter is that Blockchain does
  hold a promising future. It is a technology that
  every company is eyeing to improve their
  productivity and at the same time give them a
  competitive edge. Although the picture looks
  perfect as of now, certain questions need an
  answer, like, regularisation of the Blockchain,
  consumption of resources, etc. When it can
  overcome all these hurdles, Blockchain will
  become the best technology which is 100 per cent
  full-proof, safe and transparent.

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Blockchain Council Certifications

• You can check out our certifications, and kick
  start your career in the Blockchain space today.
• Certified Blockchain Expert
• Certified Blockchain Developer
• Certified Smart Contract Developer
• Certified Solidity Developer
• Certified Ethereum Developer

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