Porsche uses blockchain technology to automate parking fee payments

Porsche, the sports car maker, decided to adopt blockchain technology to record and charge parking fees for the convenience of users, according to media reports. Porsche manufacturers want to use the technology to automate parking fees to pay for such small transactions.

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With the help of Quantoz, a Dutch company that specializes in blockchain, Porsche hopes to provide an automated system that not only reduces the time it takes to pay, but also brings a cashless economy to parking lots.

To achieve this, Porsche will use a radio frequency identification (RFID) card. Porsche owners can use the card to enter the parking lot and identify it, and then they can park their car and do their own thing. When the owner leaves the parking lot, they can use the card at the exit of the parking lot.

Sensors installed on a Porsche car automatically record when the owner enters and leaves the car park.

Using time records and owner identification information obtained from the card in the background, the exact billing amount can be generated and the amount sent to the user-specified blockchain wallet.

In the process, Porsche plays the role of an intermediary. Porsche regularly collects arrears from the owner (so the platform is called ” You Owe Me “) and then pays parking fees to the parking authority. Porsche’s “You Owe Me” platform not only pays for parking, but also completes tasks such as paying tolls and even remotely locking and locking vehicles, and the system can also be used to pay for electric vehicles.

Any parking lot or other service provider can be connected to the ” You Owe Me ” platform. Since it is Porsche that will be responsible for collecting fees from owners and fee-paying service providers, it brings some credibility.

Porsche sports car makers did not adopt the technology for the first time, after using blockchain technology to reach a 150 million-euro loan deal with Spanish bank Banco Bilbao Vizcaya Argentaria in Bilbao, Spain.