Porsche Uses Blockchain Technology To Automate Parking Fee Payment

- Apr 18, 2019-

Porsche uses blockchain technology to automate parking fee payment

 

Porsche 

 

 

According to foreign media reports, for the convenience of users, sports car manufacturer Porsche decided to use blockchain technology to record and collect parking fees. The manufacturer wants to use this technology to automate parking fees for such small transactions. With the help of blockchain professional organization Quantoz, the Netherlands, Porsche hopes to provide an automated system that not only reduces the time required for payment, but also provides a cashless economy for the parking lot.

 

To achieve this, Porsche will use radio frequency identification (RFID) cards. The owner can use the card to enter the parking lot and identify it, and then the owner can stop doing the car and do his own thing. When the owner drives out of the parking lot, he/she can use the card at the exit of the parking lot.

 

The sensor records when the owner enters and leaves the parking lot. Using the time record and owner identification information obtained from the card, an accurate bill amount can be generated and sent to the user-specified blockchain wallet.

 

In the process, Porsche plays the role of a middleman. Porsche will regularly collect the arrears from the owner (thus the platform is called You owe me money) and then pay the parking lot to the parking lot management agency. Porsche's "You Owe Me" platform not only pays for parking fees, but also pays for tolls and even remotely locks and unlocks vehicles. The system can also be used to pay for the charging of electric vehicles. Any parking lot or other service provider can connect to the You Owe Me platform. Since Porsche will be responsible for collecting fees from car owners and payment service providers, it has a certain degree of credibility.

 

The sports car manufacturer is not the first to adopt the technology. Previously, it used blockchain technology to reach a 150 million euro loan agreement with Spain's Spanish bank Banco Bilbao Vizcaya Argentaria.