German luxury sports carmaker Porsche has announced that Xain AG has won its first innovation contest on blockchain technology.

Porsche said that the startup competed against 100 other applicants and won the contest with its unique business idea. The contest was announced in April.

According to the official announcement, Xain will get an opportunity to collaborate with the sports car manufacturer from Stuttgart, along with an award of EUR 25,000. It will also participate in the HHL Leipzig Graduate School of Management’s Accelerator Program.

“The project is a great opportunity. Together with Porsche, we now want to continue our pioneering work on blockchain technology,” says Leif-Nissen Lundbaek, CEO and co-founder of Xain.

Lundbaek and Felix Hahmann founded Xain AG in February 2017. It focuses on the development of blockchain systems and provides solutions in the areas of artificial intelligence, machine learning, and data analysis for industrial production.

“We aim to gain new perspectives on the disruptive potential of the transaction system blockchain from the start-up scene,” says Martin Roth, Manager for Strategy, Finances and Risk Management at Porsche.

The active collaboration between Porsche and Xain will commence in August 2017 with a three-month pilot phase. The pilot phase will aim to develop a concrete prototype of a blockchain-based application.


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