Porsche Backs Blockchain Platform for Vehicle Management in $6M Funding Round

Published at: April 30, 2020

Porsche has participated in a 5.5 million euros ($5.9 million) funding round for a German startup Gapless — the developer of a blockchain-based vehicle management system.

Among other contributors, Gapless saw FinLab EOS VC Fund, a joint venture between Block.one and FinLab, and insurance entrepreneur Kersten Jodexnis, Tech.eu reported on April 29.

Gapless is going to allocate the raised money to further develop its key product, an application that allows users to record a complete history of vehicles, as well as increase its user base. According to Gapless, it currently manages over 50,000 vehicles on its platform in Germany, the United States and the United Kingdom.

Investing in future technologies

Porsche told Cointelegraph 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 further stated:

“We evaluated and piloted several blockchain-based solutions. Blockchain can be a potential benefit for any trust-based interactions that requires a decentralized approach.”

Vehicle data migrates to the blockchain 

Tech companies and vehicle manufacturers alike have been developing blockchain-based solutions for tracking the life cycle of automobiles and improving driver experience.

Recently, Indian blockchain firm Smart Sight Innovation developed a blockchain app designed to improve maintenance and inspection of various vehicles. SSI’s app creates a summary of various issues — like repair work and compliance with inspection criteria — faced by a vehicle and allows users to share information with each other.

Earlier in April, General Motors filed a patent application for a continuously updating navigation map system. The system would use blockchain to integrate data from vehicle sensors and build a reliable map for autonomous vehicles.

Another leading car manufacturer, BMW Group, revealed plans to roll out its blockchain supply chain solution to 10 suppliers this year.

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