Bitcoin
$41,945.55+6.14%
Ethereum
$2,267.24+4.57%
Binance Coin
$229.10+1.28%
XRP
$0.64017601+1.39%
Solana
$63.52-0.09%
Cardano
$0.41034346+3.77%
Dogecoin
$0.08977483+5.68%
Tron
$0.10879453-2.43%
Chainlink
$16.06-0.17%
Avalanche
$22.82+4.08%
Polygon
$0.82366975+1.55%
Polkadot
$5.66+3.88%
PlayIconNav
Crypto Prices CoinDesk Market Index CoinDesk Market Index
Markets

Porsche Seeks Blockchain Companies for Startup Competition

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

By Stan Higgins
AccessTimeIconApr 10, 2017 at 1:55 p.m. UTC
Updated Sep 11, 2021 at 1:13 p.m. UTC
Porsche

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 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

Disclosure

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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups 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, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

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.