German automotive giant Porsche is stepping into the world of blockchain. The Zuffenhausen-based company was excited by the announcement that it planned to integrate Blockchain technology into its vehicles.

Porsche prepares to revolutionize the automotive industry with Blockchain

Explaining that they have partnered with a Berlin-based technology company, XAIN, in a press release, Porsche is beginning to develop Blockchain applications. Corporate uses such as opening and locking down locks, parking or lending a company car to a worker are made easier through Blockchain.

The fact that this technology can be used especially in the automotive sector is essentially the fact that Blockchain is actually a public book. Vehicle ownership will theoretically be able to monitor who carries on and when. This can play an important role in the booming share economy.

A whole new era can begin between drivers, not just in the car

Moreover, Blockchain's entry into the automotive sector will open doors for P2P (end-to-end) transactions among vehicle owners. Rather than using a credit card to fill the cars' gas reservoirs or batteries, the drivers can send PorscheCoins to each other to go out.

Porsche will have stepped in this sector, which is in demand at a crazy level with the Blockchain integration it provides to its vehicles. Finally, Kodak recently introduced KodakCoin to ensure that photographers and agencies have more control over photo rights management.

Kodak and Long Island Ice Tea Company had changed their business models and flushed their shares

Kodak had tripled its share price after making announcements about the issue. It's not bad for a company that seems to have lost so much relevance to the industry in the fast-paced world of technology.

Another interesting example is the Long Island Ice Tea Company. The stock price of the company, which changed to Long Blockchain completely irrelevant to the nominal business model, doubled in a night.

It is clear that this move made by Porsche has not been done in an attempt to trick investors. Lacin, though, seems to have already created excitement.

So where did this XAIN come from?

Porsche has not yet explained its crypto currency, even did not imply. But the dream of the automotive industry to fall into this kind of sector is spectacular.

The question is: who is the XAIN company and how did they make an agreement with Porsche to manage the Blockchain division in the first place?

When we look back over the past, we see the company win the Porsche Innovation Contest organized by 2017, with the participation of 100 competitors. After the competition, teams in different departments began working with Porsche to develop applications that could be integrated into the computer systems of the vehicles.

There are two very special names at the beginning of XAIN

The founders of XAIN, Leif-Nissen Lundbaek and Felix Hahmann, will hear their names for the first time in the automotive industry.

These two successful names were formerly working at Oxford University and Imperial College London with a Blockchain system that reduces the electricity consumption of crypto money mining. As we integrate Blockchain-based applications into automobiles, we can imagine how successful a project can be. Especially when it comes to Porsche's automobiles, the picture is much more exciting.