Volkswagen Plans to Bring Blockchain to Vehicles, References Bitcoin, Ethereum and IOTA

Marco Verch / Flickr

Volkswagen recently highlighted its current efforts to bring blockchain technologies to its vehicles, referencing the potential to improve car maintenance, logistics and specialized solutions including “tamper-proof odometers.”

According to the release, Volkswagen is actively exploring two major applications. The first is a mileage clocking system that works to save odometer reading permanently into a blockchain, making it nearly impossible to manipulate odometers

Customers can save their odometer readings in a distributed ledger system at regular intervals. The data cannot be changed retroactively without somebody noticing that they’ve been manipulated

The second major application referenced Porsche’s ongoing efforts to develop a blockchain model that works to protect cars from hackers and act as a virtual key to open and use the car. Porsche is working with Berlin-based start-up XAIN to develop this system.

Interestingly, Volkswagen also explicitly references Bitcoin (BTC), Ethereum (ETH) and IOTA (IOTA) as the major applications of blockchain technologies to date.

Volkswagen is no stranger to IOTA, given that earlier this year, Volkswagen confirmed that IOTA’s Tangle technology was going to be used as part of the Volkswagen Connect feature that is designed to enable drivers to better monitor their car’s mileage.

IOTA is currently ranked 9th in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.

More: Putting Blockchains on the Road
Photo: Marco Verch / Flickr

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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