Porsche and Xain are collaborating to put Porsche vehicles on the blockchain, following the completion of the Porsche Innovation Contest.

Prospective use cases for blockchain are nearly endless, much like the internet in 1999. According to a press release by Porsche, Porsche and XAIN have teamed up to bring blockchain into the Internet of Vehicles. Blockchain, in this case, is expected to add value to the market by reducing the time to action of vehicle operations.

Locking and unlocking the Porsche through a phone app takes only 1.6 seconds with the use of blockchain, compared to sometimes 9.6 seconds for some competitive processes. XAIN is collaborating with Porsche on the new Panamera Turbo, which will be among the world’s first blockchain interfacing vehicles.

It has been speculated that the XAIN-Porsche partnership may lead the way for self-driving cars on the blockchain and Vehicle to Everything (V2X) communication via the blockchain. XAIN makes use of a more energy efficient mining technology than other blockchain Proof-of-Work (PoW) networks.

The energy efficiency of XAIN Partial Proof of Kernel Work (PPoKW) is one of the factors that allowed the project to navigate the Porsche Innovation Contest and take the gold from a pool of over 100 other prospects. PPoKW requires far fewer computational resources that PoW because any node in the Ethereum Network can decide the next block via a secret lottery.

The PPoKW is maintained by a smart contract on the Ethereum Network and contains a whitelist of approved nodes. The public, permissioned blockchain allows network members to temporarily share their keys with any other user, as well as informing the account holder when their vehicle was accessed and who accessed it.

Porsche hopes that in the future, blockchain technology will enable consumers to allow and control temporary access to their vehicles in case another individual, for example, a valet or delivery person needs access to their car.

Source: XAIN

According to Oliver Doring, Chief Financial Strategist at Porsche:

We can use blockchain to transfer data more quickly and securely, giving our customers more peace of mind in the future, whether they are charging, parking or need to give a third party, such as a parcel delivery agent, temporary access to the vehicle. We translate the innovative technology into direct benefits for the customer.

Blockchain with low energy costs not only enables manufacturers to connect devices such as smartphones and tablets, but it also allows other sectors to connect their equipment to the blockchain for a higher degree of transparency and information availability.

Would you trust your car keys on the blockchain? Let us know in the comments below!

About Cas Proffitt

Cas is a B2B Content Marketer and Brand Consultant who specializes in disruptive technology. She covers topics like artificial intelligence, augmented and virtual reality, blockchain, and big data, to name a few. Cas is also co-owner of an esports organization and spends much of her time teaching gamers how to make a living doing what they love while bringing positivity to the gaming community.