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Porsche ‘First’ To Test Blockchain Technology For Cars

Porsche ‘first’ to test blockchain technology for cars

Porsche ‘First’ To Test Blockchain Technology For Cars

Porsche ‘first’ to test blockchain technology for cars

Automobile manufacturer Porsche is exploring Blockchain apps in its vehicles in cooperation with the Berlin-based startup XAIN, Cointelegraph auf Deutschreported yesterday, Feb. 27.

In their press release published Feb. 22, Porsche stated that the company is “the first automobile manufacturer to implement and successfully test Blockchain in a car.”

Possible applications for Blockchain technology range from locking and opening car doors via an app, with the possibility for temporary access authorization, to new and improved business models through encrypted data logging. Porsche also stated that Blockchain technology could be applied in further improving the safety and capabilities of driverless cars.

Financial strategist for Porsche, Oliver Döring, is convinced of the tremendous potential of Blockchain technologies:

“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”, Döring states in the press release.

According to Porsche, Blockchain features could speed up the process of opening and locking the car with an app by 6 times. This is made possible when “the car becomes part of the Blockchain, making a direct offline connection possible – that is, without diversion through a server”. Current approaches still require an online connection and the alignment of the car’s data with its server-stored equivalent.

Other companies in the automotive industry are also experimenting with the application of Blockchain technology. For example, the supplier ZF, the bank UBS, and the software giant IBM are working on a so-called “Car eWallet“, which could enable secure transactions at charging stations, in multi-story car parks, and at toll stations.

Published at Wed, 28 Feb 2018 23:57:08 +0000

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Palestine May Launch Its Own Cryptocurrency as Sovereign Legal Tender

Palestine Plans Cryptocurrency as Sovereign Legal Tender

Palestinian officials are planning for the region of Palestine to receive its own digital currency within the next five years. The motivation for this stems from concerns about potential Israeli interference, Azzam Shawwa, Governor of the Palestinian Monetary Authority (PMA), told the news agency Reuters.

Palestinians have no sovereign currency of their own and use a combination of different currencies, including the euro, the dollar, the Jordanian dinar and the Israeli shekel, to conduct their daily financial transactions.

Due to the lack of a sovereign currency, Palestinian officials have little control over money supply and inflation. This is why the Palestinian Monetary Authority wants to introduce a bitcoin-like digital currency as the territory’s new legal tender, which will be called “the Palestinian Pound,” according to Shawwa.

It is the Palestinian Monetary Authority’s goal to become a fully-fledged and internationally recognized central bank for an independent Palestine. However, it is still unclear how a digital sovereign currency for Palestinians would sit with the 1994 Paris Protocol agreement. The protocol agreement gives the Palestinian Monetary Authority the functions of a central bank; however, it has not granted the institutions the right to issue its own currency. The Paris protocol recommends the use of the shekel in the region and, thereby, effectively provides Israel with a veto over the establishment of a Palestinian currency.

A sovereign digital currency, though, would make sense for Palestine. Not only would it allow the PMA to have more control over the country’s money supply and inflation, but it would also circumvent the practical challenges of delivering hard currency into the country as the PMA has no money-printing facilities.

“If we print currency, to get it into the country you would always need clearance from the Israelis and that could be an obstacle. So that is why we don’t want to go into it,” Shawwa explained to Reuters.  

While the digital Palestinian pound is planned to be issued within the next five years, this will be no easy task for Palestinian authorities, given that the Palestinian Monetary Authority has been trying for over a decade to become an internationally recognized central bank.

Another option for the Palestinian monetary situation would be to keep the current status quo of the four above-mentioned currencies in use or to officially recognize one of the these currencies as the territory’s legal tender. However, a digital sovereign currency would be the preferred choice for Palestine, according to Shawwa.

The post Palestine May Launch Its Own Cryptocurrency as Sovereign Legal Tender appeared first on Bitcoin Magazine.

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