Gapless, the blockchain-based vehicle management system developer, has raised €5.5m in a funding round that included Porsche.

In addition to Porsche, the Berlin-based startup also attracted investments from Finlab EOS VC Fund (a joint venture between Block.one and FinLab), and insurance entrepreneur Kersten Jodexnis.

Gapless says it will be using the new capital to develop its flagship product – a blockchain-based app that records vehicle histories. The company claims to already have more than 50K vehicles on its platform, spread across Germany, the United Kingdom and United States.

A number of major car companies are now investing in blockchain, with a view to several uses ranging from vehicle history tracking, and traffic and route planning for self-driving vehicles, to supply chain and logistics management.

Last month BMW announced it would be rolling out a blockchain supply solution platform to ten suppliers after a successful test in 2019, and Toyota unveiled the Toyota Blockchain Lab.

In 2019 we reported Daimler, the parent company of Mercedes-Benz was developing a DLT hardware wallet for cars, and Jaguar Land Rover had partnered with IOTA Foundation to use blockchain and cryptocurrency technology to pay drivers for data reporting.

AYO.NEWS says:

Blockchain clearly has a multitude of use cases for cars and transport in general. From making car owners’ lives easier by keeping track of servicing, enabling automatic payments, and ensuring total trust in used car sales, to maximising the efficiency of supply chains for manufacturers and suppliers, and ensuring the smooth and safe flow of traffic out on the roads. From an adoption point-of-view, its also going to be one of the main driving forces in exposing the public to blockchain technology.

AYO.NEWS says features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited.

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