Porsche Invests More In Blockchain And AI

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It’s no secret that some major car manufacturers are interested in the blockchain technology. Ford Global Technologies has recently filed a patent for the “Apparatus and methods […] for vehicle-to-vehicle cooperation to marshal traffic.” – for example.

According to a report by the Business Intelligence and Strategy Research (BIS Research), the global automotive blockchain market is going to reach $1.6 billion by 2026. This is a large pie to get a slice off of.

Porsche AG is definitely interested in that pie. The German car manufacturer announced that it will increase its investments in blockchain and artificial intelligence (AI) startups. According to the September 25th press release, the increase will be by around €150 million over the next 5 years.

Innovation, baby!

Lutz Meschke, Deputy Chairman and Member of the Executive Board for Finance and IT at Porsche AG explains:

“To continue building on the success that we have enjoyed over the past few years, we must fundamentally change our business model. Porsche has always been among the pioneers of the automotive industry. To date, innovation has been driven to a large degree by technology and with strong links to our current core competencies. In some cases, the changes that are now becoming necessary are linked to topics beyond our main fields of expertise.”

All we can add is this: it’s great to see large, prestigious companies like Porsche AG, invest in blockchain technology. And we can’t wait to see the results!

 

Images courtesy of Shutterstock.com

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