Volkswagen (XETRA: VOW) to develop blockchain-based applications in partnership with carVertical.
CarVertical, the vehicle history-checking blockchain start-up is set to work with VW group on developing a blockchain-based solutions to help the manufacturer to solidify its presence “as the leader for future mobility applications”.
CarVertical became the winner of Volkswagen’s pitch competition at the Future Mobility event on May 31, 2018, in Riga, Latvia.
AMAZING NEWS! When you want to strengthen your leadership, you choose the most successful teams to collaborate with. Probably that’s why #Volkswagen has invited #carVertical to partner in the development of blockchain-based solutions! Read more >>> https://t.co/Zw2K54iElx pic.twitter.com/6oKdkMRnyB
— carVertical (@carVertical_com) June 4, 2018
“As the expert jury noted, carVertical convinced them with the blockchain-based concept of recording vehicle histories” сarVertical noted.
The Lithuania-based company is set to benefit from the partnership as the incubation program includes financial support of € 15,000 (or approximately $17,500 USD), and in September 2018 CarVertical will also gain access to the Die Gläserne Manufaktur compound which is Volkswagen innovative center situated in Dresden.
Apart from being able to communicate with VW’s employees and managers for research and development purposes, CarVertical will also receive professional advice from a local financial powerhouse, Sächsische Aufbaubank (SAB).
Earlier in May, IOTA, one of the largest cryptocurrencies, announced a partnership with Porsche Digital Labs to work on project a named ‘Program 4’, initially created by a startup innovation platform - Autobahn. The initiative was set up to develop intelligent car systems that support the concepts of Smart Mobility and autonomous driving.
By Ekaterina Ulyanova