Italian car maker Porsche has announced the winner of its Porsche Innovation Contest. The winner, Xain AG – a blockchain startup based in Europe that focuses on the development of innovative concepts that utilize emerging technologies like blockchain, machine learning, and data analysis for industrial production – will proceed to the development phase, scheduled for August.
Leif-Nissen Lundbaek, CEO and co-founder of Xain, sees the victory will serve as a great opportunity for companies that are already pioneering blockchain applications. Martin Roth, manager for strategy, finances, and risk management at Porsche, sees much promise in blockchain technology. “We aim to gain new perspectives on the disruptive potential of the transaction system blockchain from the start-up scene,” said Roth.
According to the release, the next step in the partnership includes a three-month pilot phase, during which both companies will brainstorm ways to integrate blockchain into the SpinLab (an accelerator program for startups) in order to develop a robust prototype. The SpinLab has already facilitated the growth of a number of innovative companies located primarily in Europe.
Lundbaek tells ETHNews that Xian AG is using a “private Ethereum engine layer architecture” coupled with a cryptographic AI protocol that “optimises the network in a self-learning way.” Neither Porsche nor Xain AG has yet revealed exactly how they will utilize the technology, as they are still assessing “to what extent using the technology in the value chain of the company is useful and feasible.” However, over the past year, Porsche has partnered with several tech startups to incorporate new technologies into add-ons, such as wireless connectivity, real-time notification, and luxury services.
Dan is a US Army veteran and Los Angeles-based writer passionate about science and technology, current events, human rights, economic impacts, and strategic calculus. Dan is a full time staff writer for ETHNews and holds value in Ether.