Siemens Wants To Use Blockchain Tech For Car Sharing

The technology giant Siemens is in the latest cryptocurrency news for its interest to use the blockchain technology and adopting similar solutions. As a report on Forbes shared on July 15 shows, the electrification, automation and digitalization global giant is exploring the use of blockchain in the transportation industry.

According to the head of cybersecurity and blockchain at Siemens, Andreas Kind, the company is looking to incorporate blockchain tech into carsharing through Siemens Mobility which is one of the company’s subsidiaries.

The altcoin news today show that there is a potential rally on the market as most of the top 20 coins are in the green. While this is happening, blockchain seems to be booming. Meanwhile, car sharing reportedly refers to using or renting a car for a short period of time – and is a trend which Siemens is apparently exploring through the prism of blockchain.

According to Kind, there is one issue with the system. He pointed out that the associated fueling cards (which allow car renters to refill on gas) are problematic because they are a a subject to a number of restrictions on the customer. Furthermore, they can only use the card at specific stations and they are sometimes stolen. Kind thinks that this type of technology could be improved through a blockchain solution which Siemens is exploring:

“It’s not only inconvenient for the drivers, it’s inconvenient for the companies because fueling cards get stolen [and] they get sold on the internet […] That’s an example where, in an industrial context, you need something, a technology, that brings together different participants that [don’t] fully trust each other […] That’s exactly where blockchain can add value.”

Siemens is also looking into other areas within the transportation sector for blockchain solutions. As the Siemens Corporate Technology plans show, the company has presented on a possible blockchain solution for “blockchain based smart parking” at the Bosch 2019 Connected World conference.

As many best cryptocurrency news sites shared, Siemens is also considering blockchain use cases for supply chains and manufacturing. The company is apparently leaning towards using a permissioned blockchain. However, they are still in the testing and discovery phase and are still reportedly exploring the viability of such use cases.