High end automobile manufacturer Porsche took part in a €5.50 million ($5.90 million) financing round for a German firm Gapless, the creator of a blockchain powered vehicle administration platform.
Other prominent funders include FinLab EOS VC Fund, established through a joint collaboration between Block.one and FinLab and Kersten Jodexnis, Deputy Chairman of the Supervisory Board of insurance company Wertgarantie.
Gapless intends to use the raised funds to improve its main product, which is a software that facilitates clients to document total background of automobiles, and also boost its client base.
In Germany, the US and the UK, Gapless presently administers more than 50,000 vehicles through its software.
In this regard Porsche stated that it is “constantly looking into and investing in future technologies and will evaluate case by case if such products or services can be deployed by Porsche to enhance the customer experience.”
The company highlighted the advantages of blockchain technology:
“We evaluated and piloted several blockchain-based solutions. Blockchain can be a potential benefit for any trust-based interactions that requires a decentralized approach.”
Both tech firms and automobile manufacturers have been creating blockchain powered solutions for monitoring the life span of automobiles and enhancing the experience of driver.
Of late, an Indian blockchain company Smart Sight Innovation built a blockchain app structured to enhance administration and examination of several automobiles.
SSI’s app documents a range of issues encountered by an automobile, including repair jobs and conformity with inspection standards, and permits users to distribute info to others.
Earlier this month, General Motors submitted a patent application for navigation map application that updates on a non-stop basis.
The system utilizes blockchain to merge data from vehicle sensors and create a trustworthy map for driverless vehicles.
Similarly, prominent car manufacturer, BMW Group, disclosed plan to share its blockchain supply chain solution with 10 of its suppliers in 2020.
