German luxury sports carmaker Porsche has announced its first innovation contest focusing on blockchain technology for startups.

According to the official announcement, automaker is inviting blockchain startups to apply for the premiere Por-sche Innovation Contest. It noted that the technology, originally developed for the financial sector, has the potential of being extended to any type of contractual transfer including the trading of shares, cars, houses, and others.

“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 said.

Besides the opportunity of collaborating with the auto giant, startups will have the chance to win EUR 25,000 in prize money. They will also get an opportunity to participate in the “SpinLab – The HHL Accelerator” program for three months.

““SpinLab – The HHL Accelerator” is a useful extension to the field work between the sports car manufacturer and the start-up which will eventually be selected. Located on the premises of an abandoned Leipzig cotton mill, SpinLab not only offers office space in a highly creative and innovative environment but also support in the form of individual coaching sessions over the course of three months. Moreover, there is a close link with the Porsche plant in Leipzig due to its proximity”, Porsche added.

Interested startups have until May 15, 2017 to apply for the contest.