Porsche Invites Blockchain Startups to Disrupt the Car Business

For decades the car manufacturing business has seen very few changes. However now, with Tesla's electric initiative giving it the highest valuation in the US, ridesharing services such as Uber changing how people commute and Google's self-driving cars appearing on the horizon, it seems that the established brands are looking for ways to innovate before becoming obsolete.

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Porsche AG, the German automobile manufacturer specializing in high-performance sports cars, has invited startups focusing on Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology to apply for the premiere Porsche Innovation Contest. In addition to collaborating with the sports car manufacturer, founders have the chance win €25,000 in prize money as well as the opportunity to participate in the 'SpinLab – The HHL Accelerator Accelerator An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he Read this Term' program for three months.

Porsche says that it aims to obtain external input on the disruptive potential of the blockchain transaction system by collaborating with the startup scene. The central question is to what extent the application of this technology in the value creation chain of the company makes sense. It adds that other forms of potential long-term collaboration will also be investigated. The firm states that the "decentralized and extremely transparent booking system" has the potential to be extended to the trading of cars and any type of contractual transfer.

'SpinLab – The HHL Accelerator' is located in Leipzig within close proximity to the Porsche plant. It offers office space in a highly creative and innovative environment as well as support in the form of individual coaching sessions over the course of three months.