Porsche Seeks Blockchain Companies for Startup Competition

German automaker Porsche is looking to the startup space as it explores blockchain technology.

Apr 10, 2017 at 1:55 p.m. UTC

Updated Sep 11, 2021 at 1:13 p.m. UTC

German automaker Porsche is looking to explore blockchain technology.

According to a company release, Porsche quietly unveiled a startup competition last week aimed at attracting firms that work with the tech as part of a bid to weigh potential applications.

It's the first time Porsche has made public its interest in the technology.

The automaker is offering €25,000 in prize money as well as a three-month stint at SpinLab, a Leipzig-based accelerator it backs. Applications for the contest are due by 15th May.

The company said in a statement:

"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 isn't the first automaker to start exploring the tech for possible uses.

In February, Daimler AG announced that it was joining the Hyperledger project. At the time, the company said that, in its view, blockchain is "a promising technology, not fully mature yet, but continuously growing".

Image Credit: VolhaHanna Kanashyts / Shutterstock.com

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