Porsche Invites Blockchain Startups to Disrupt the Car Business

With Tesla's electric dominance and Google's self-driving cars appearing on the horizon, Porsche turns to blockchain technology.

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 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’ 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.

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