According to a press release on September 25, German automaker Porsche AG will spur its investment in startups with a focal point on artificial intelligence and blockchain by about $176 Million in the coming 5 Years.

The increase in Porsche’s total investment in venture capital operations over the upcoming five years is owing to the requirement to access new business models trends, new technologies and trends, according to the press releases.

The investments focus on start-up and emerging companies in terms of mobility, digital lifestyle, and customer experience, as well as future technologies, including AI, blockchain, augmented and virtual and reality.

Vice president and member of the Finance and IT department at Porsche AG Lutz Meschke said the company must essentially change its business model to witness future success.

He also added, “To date, innovation has been deeply prejudiced by technology and strong ties to our core competencies today. Creating a strong ecosystem with proficient cohorts is essential for us.”

Previously this year, Porsche began investigating the application of blockchain applications in its vehicles in association with XAIN in Berlin. In the statement of 25 September, Porsche notes that Porsche Ventures is already a minor shareholder of a company that uses the blockchain to administer the accounts of vintage vehicles.

In March, Daimler AG, a leading automobile giant known for its Mercedes-Benz and Smart brands, launched its own blockchain-based digital currency, MobiCoin, which would reward drivers that persist to have reverent driving habits that are environment-friendly.

Also in March, another German automaker, Audi, announced that it had tested blockchain technology for its financial and physical distribution processing.

Majority of key market players in all most every segment are swiftly making provisions for implementing blockchain technology as a majority of them are now well aware of the benefits and positives the technology comes with.