Porsche Names Winner of Blockchain Startup Contest

German automaker Porsche has revealed the winner of a blockchain startup competition first announced in April.

AccessTimeIconJun 21, 2017 at 4:30 p.m. UTC
Updated May 9, 2023 at 3:03 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

German automaker Porsche has revealed the winner of a blockchain startup competition first announced in April.

As CoinDesk reported at the time, Porsche solicited entries from startups as part of a broader bid to explore how it might apply blockchain to its own business. The carmaker said today that more than 100 applicants entered the contest.

  • How NEAR Enables Multichain Access From One Account
    00:56
    How NEAR Enables Multichain Access From One Account
  • Why the NEAR foundation Chose Eigenlayer as a Security Partner
    00:54
    Why the NEAR foundation Chose Eigenlayer as a Security Partner
  • Judge Kaplan Had 'No Love' for Sam Bankman-Fried, Legal Expert Says
    07:08
    Judge Kaplan Had 'No Love' for Sam Bankman-Fried, Legal Expert Says
  • How Bitcoin and Ether's Options Contracts Combined Expiry Could Spike Volatility
    01:11
    How Bitcoin and Ether's Options Contracts Combined Expiry Could Spike Volatility
  • The winner is a startup called Xain AG, founded in February of this year and based in Germany. The startup is looking to apply blockchain to the industrial production process, leveraging artificial intelligence and machine learning in tandem.

    Xain AG will receive a cash prize worth €25,000, as well as a spot in the HHL Leipzig Graduate School of Management's Accelerator Program.

    Perhaps more notably, the startup and the automaker will work together on blockchain research starting in August. The collaboration will kick off with a three-month prototype development phase at SpinLab, a Leipzig-based accelerator backed by Porsche.

    In statements, Porsche reiterated past statements that it wants to leverage the expertise of startups as it explores potential uses of the tech.

    "We aim to gain new perspectives on the disruptive potential of the transaction system blockchain from the startup scene," Martin Roth, Porsche's manager for strategy, finances and risk management, said.

    Porsche is not the only automaker that is trialling blockchain tech.

    In May, Toyota unveiled a new internal research effort. And earlier this year, Daimler AG announced that it was joining the Hyperledger project, a blockchain development effort backed by the Linux Foundation.

    Xain AG image courtesy of Porsche

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.