Blockchain Basics 4

Blockchain Basics 4

Application range of blockchains keeps expanding

Automotive industry picking up on technological potential

At the present time, most investors and users are familiar with blockchain technology. Most of us know about blockchain regarding cryptocurrencies. But in the automotive industry? As a matter of fact, various industries are beginning to pick up on the technological potential.

Thanks to blockchain technology, transactions with cryptocurrencies such as PURA are secure, fast and anonymous. These types of transactions do not require banks of payment providers as middlemen. However, as shown in our previous articles in our PURA series “Blockchain Basics” one, two and three, the features of blockchain technology offer a vast range of opportunities. In many fields, blockchain technology is going to bring digital business models and transactions to the next level.

Industries joining in

Correspondingly, applications of blockchains are currently undergoing tests in the supply business. Industries who utilize the technology to improve tracking in shipping are picking up speed. The automotive industry is a player as well. At the end of February, Porsche announced that they will be “the first automobile manufacturer to implement and successfully test Blockchain in a car.”

Porsche and Mercedes Benz

Porsche knows that blockchain technology holds great potential for a large range of applications. Development includes projects such as locking and unlocking car doors six times faster than previously without diversion through a server. This way a car “becomes part of the Blockchain”. Blockchain technology allows for quick and secure data transfer to benefit customers.

Mercedes Benz is another player tapping into the potentials of blockchain technology. The manufacturer announced its own blockchain-based currency MobiCoin at the Mobile World Congress 2018 in Barcelona. The coin “rewards” drivers for good driving habits, such as smooth and safe driving at low speeds. Technology is currently in its testing phase of three months. 500 drivers who follow prescribed eco-friendly driving practices receive MobiCoins as rewards. Coins are stored in a mobile app and drivers with the most coins are awarded VIP tickets to Mercedes Benz events, such as the DTM Races, the MercedesCup Final, or Fashion Week in Berlin.

Growing familiar

There have been numerous scandals involving various automotive manufacturers during the past years. Blockchain technology could go a long way toward putting these negative issues in the rear-view mirror. Instead, focus will be on positive and beneficial technological development. The objectives are higher customer convenience and satisfaction. However, there are still hurdles that blockchain has yet to overcome. The most significant is large-scale use acceptance by the masses. In the long term, users only apply technologies they are familiar and comfortable with.

Mass adoption

The drive of mass adoption of blockchain technology and cryptocurrencies depends on further innovations in peer-to-peer networks. PURA cryptocurrency is paving the way towards a global community and network.

Directly, privately and instantly

PURA Cryptocurrency is an international digital currency that liberates users to transact with anyone in the world directly, privately and instantly.  Blockchain technology removes the expense or need for a middle man in the form of a bank or payment provider. Powered by the blockchain, transactions are stored permanently and backed up across hundreds of servers worldwide while financial data, activity history and balance information is kept completely confidential.

Not controlled by any central government or banking authority, PURA allows masternode holders and users themselves to determine how the currency evolves. Dedicated to responsible decentralized living, ten percent of all PURA created is automatically contributed to PURAPlanet. PURAPlanet a treasury that works in conjunction with PURAMission to fund and track sustainable, environmental and social projects around the globe. Please also visit the PURA FAQ section to find answers to the most common questions.

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