Porsche to Utilize Blockchain Technology

It was revealed that Porsche is currently testing blockchain applications in vehicles in collaboration with the Berlin-based start-up XAIN
27 February 2018   559

As it is widely known, blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data. By design, blockchain is inherently resistant to modification of the data.

It was recently revealed that Porsche is currently testing blockchain applications in vehicles in partnership with the Berlin-based start-up XAIN. Porsche will reportedly become the first automobile company to implement and test blockchain in car production.

As it was reported by News Room, through auditable data logging, the data to be processed is encrypted locally in a distributed blockchain. The user will control the data, deciding how to use it depending on the situation. All activities will be stored in the blockchain, making them transparent. The users can use the stored data, but it will be protected at the same time.

The start-up XAIN won the first “Porsche Innovation Contest” on the subject of blockchain in the summer of 2017. Currently, Porsche is working on applications for blockchain technology, which will be applied in the areas of charging and parking.

US Congressman to Call for Crypto Ban

As reported, Brad Sherman has called for a blanket ban on cryptocurrency buying
19 July 2018   77

American authorities should ban cryptocurrencies and mining. Such a statement on was made by Congressman Brad Sherman during the hearings of the Committee on Financial Services at the US House of Representatives, CoinDesk reports.

According to Sherman, in the future, cryptocurrencies may become a form of money, but at the moment they are used either by rogue states to bypass American sanctions or by individuals to evade taxes.

We should prohibit U.S. persons from buying or mining cryptocurrencies.

Brad Sherman

Congressman, US

At the same time, Norbert Mitchel, director of the Data Analysis Center of the Heritage Foundation, noted that the possible use of crypto-currency for criminal purposes should not stain other possibilities of digital currencies.

Yes it is true that criminals have used bitcoin, but it's also true that criminals have used airplanes, computers and automobiles. We shouldn't criminalize any of those instruments simply because criminals used them. Those components I believe are the main barriers to widespread adoption in the U.S.

Norbert Mitchel

Director of the Data Analysis Center, Heritage Foundation

As Eswar Prasad, senior professor at Cornell University, said, the existence of cryptocurrencies had the potential to impact the financial services system, particularly the payments system, in positive ways.