Advanced Blockchain AG: Portfolio Company peaq Becomes First Blockchain Company to Join Automotive Industry Association
Since April 2021, peaq Technology GmbH, a portfolio company of Advanced Blockchain AG is a member of the Automotive Industry Association. peaq's core concern is to contribute to the success of e-mobility in Germany as part of the association. peaq strives for an open and manufacturer-independent ecosystem to optimize the charging and payment process for e-cars.
The Berlin-based company peaq, founded in 2017, is the first blockchain software development company to become a member of the Automotive Industry Association (VDA). The core objective of peaq is to support the VDA in its goals of making mobility even safer, more efficient, more comfortable, and more environmentally and climate friendly, and to make a significant contribution to the future of mobility. The young company is convinced that these goals can only be achieved through the involvement and cooperation of stakeholders from business, politics and society rather than by means of proprietary solutions. In this context, the Berlin-based company wants to contribute to the digital transformation of the German automotive industry as part of its membership.
One focus of peaq is the question of how Distributed Ledger Technology (DLT) can best be used in mobility. The team of peaq CEO Till Wendler contributes its know-how from over four years of developing decentralized infrastructures. A platform infrastructure on which companies can build and connect their products, technologies and markets in a secure and trustworthy way.
"We are very proud to be the first blockchain software development company to work on the future of mobility as part of the leading association of German car manufacturers," says Till Wendler, CEO at peaq. "Currently, there are too many hurdles that slow down e-mobility and unsettle consumers. In particular, the charging and payment process is still fragmented, complicated and non-transparent. We firmly believe that this challenge can be solved via an open and manufacturer-independent ecosystem. Here, we would like to work closely with the manufacturers in the automotive industry as well as with the relevant players from politics and society."
peaq has been working with a major German automotive group for 3 years on a decentralized platform for electromobility that simplifies charging & payment processes for e-cars many times over and is an extension of the existing Plug&Charge standard. After registration on the decentralized platform, each car and each charging station receives its own sovereign identity, which exists on peaq’s Distributed Ledger Technology (DLT). Based on the sovereign identity, the electric car can authenticate itself at the charging pole. If this is successful, the charging process can begin. During the charging process, the energy that flows is precisely controlled - the charging station then bills accurately. In the future, payment at the charging station can thus take place peer-to-peer - in other words, as an uncomplicated, fast and, above all, secure process. With the use of the new technology and the resulting decentralized infrastructure, the previous problems can be solved, and a charging network established that meets the needs of the market and society. This will require a change in thinking: Instead of proprietary solutions, which have dominated up to now, cooperative ventures, also across manufacturers, are imperative.