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Porsche Announces Startup Competition

German Luxury Auto Maker Porsche Announces Blockchain Focused Startup Competition

Porshe-Startup-Contest Porsche Announces Startup Competition

Porsche, the luxury car brand and anchor of the Audi/Volkswagon/Porsche Group is looking for Blockchain technology. This is the first time that they have publicly acknowledged anything involving Blockchain.

Blockchain is a type of digital ledger for contractual transactions between computers. The technology was originally developed for the financial world. The decentralized and extremely transparent booking system has the potential of being extended to the trading of shares, cars, houses, i.e. any type of contractual transfer.

Besides working with one of the most popular luxury automobile brans in the world, startups have a chance to win EUR 25,000 in prize money. Winners will also take part in the “Spin Lab HHL Accelerator” a three month cohort based accelerator program that Porsche backs. ¬†Applications are open until May 17, 2017.

“Porsche aims to obtain external input on the disruptive potential of the blockchain transaction system by collaborating with the start-up scene. The central question is to what extent the application of this technology in the value creation chain of the company makes sense. Moreover, other forms of potential long-term collaboration will be investigated.” Porsche said in a statement.

Several automakers across the globe are in the startup and/or accelerator space. Ford is a major partner in Techstars automotive accelerator in Detroit. GM is working closely with Lyft to develop autonomous vehicles. Also in Germany, luxury competitor Daimler AG has joined the Hyper Ledger project, also in the Blockchain space.

There are several benefits to Blockchain technology in the automotive space. In addition to trading it could also be used as a backbone to systems that track immense amounts of data coming through a car’s computer system.