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.