Porsche has participated in a 5.v million euros ($five.9 one thousand thousand) funding circular 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.ane and FinLab, and insurance entrepreneur Kersten Jodexnis, Tech.european union reported on April 29.

Gapless is going to allocate the raised money to further develop its central product, an application that allows users to tape a complete history of vehicles, too as increase its user base. According to Gapless, it currently manages over l,000 vehicles on its platform in Deutschland, the U.s.a. 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 client 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 take been developing blockchain-based solutions for tracking the life bike 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 past a vehicle and allows users to share information with each other.

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

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