Porsche enables Parking via Blockchain

The Porsche management sees the Blockchain as “the key technology of tomorrow”, so this should with everyday things while using the car, such as the possibilities of locking and unlocking the vehicle via temporary access authorizations granted by the owner were sufficient, as well as the improvement of autonomous driving functions.

Also payment transactions can be handled securely using blockchain technology: for instance, parking tickets, tolls or payments after charging an electric car. Porshe is working together with Dutch specialist Quantoz on a prototype, which will allow payments of parking fees based on blockchain technology.
With this concept Porsche acts as the in-car gateway which opens up the gate to the service providers who offer their services via the Porsche platform; in this case, uncomplicated billing of parking fees.

This is how it works: the Porsche customer drives his vehicle into a parking garage and identifies himself at the entrance with an RFID card. This transmits the necessary data for identification to the parking garage terminal. At the time of departure, the ID is transmitted again and the parking fee is billed via the virtual wallet, the blockchain wallet. For this purpose, a blockchain data block is generated there to document the transaction.

“In this case, the parking garage is the sender and the customer is the recipient of a kind of promissory note, which includes the amount and the currency. In the Blockchain network, these transactions are called ‘You Owe Me’ and will be collected by Porsche at the end of the billing cycle and returned to the provider.”

explains Matthias Falkenberg from the development team

As a result, new blockchain data blocks will be created, the equivalent value of which a payment service provider, selected by Porsche, debits from the customer account. The corresponding amount for the parking tickets will then be transferred from Porsche to the car park operator.

“The advantage is that we can offer our customers services without each of them having to register in advance,”

says Falkenberg

The specific customer data is only known to Porsche – nevertheless, the Blockchain allows the customers to use services of other providers and then to pay via Porsche. Another advantage is that there are no transaction fees for micro-payments since no middlemen or service providers have to be involved.

Porsche is working on further business models based on blockchain techniques; the control over the data always stays with the customer. On this basis, autonomous driving can be offered in the future with improved functions.