Advanced Blockchain AG’s Portfolio Company, peaq, Signs a Memorandum of Understanding with a Prominent German Auto Company
This contract outlines the mass production of a blockchain-based full-scale e-mobility platform to be utilized by the automotive industry.
Berlin-based startup peaq GmbH (peaq.io) offers its innovative base layer blockchain, the DAGchain®, as a software-as-a-service (SaaS) to large companies. This product offers drastically reduced costs and new sources of income for peaq’s clients.
Most recently, peaq has signed a Memorandum of Understanding (MoU) with a leading German-based automotive manufacturer. This contract delineates the mass production of a full-scale e-mobility based off of the DAGchain® and designed for use within the automotive industry.
The new platform outlined by the MoU will utilize peaq’s DAGchain® to power a neutral innovation and transaction platform that is specially designed and optimized for use by the automotive industry. The e-mobility platform is based on peaq’s core technology, the DAGchain®, and involves creating a neutral innovation and transaction platform for the automotive industry in its entirety, with a focus on electric vehicles (EVs). The platform involves making the next generation of cars fully DLT ready from the moment they leave the factory, while dramatically decreasing range anxiety for EVs industry wide. For strategic reasons, both parties have determined to keep further details of the developing platform confidential for the time being.
Thoughts from the peaq executive team:
‘‘We are delighted to have been the chosen innovation and technology partner to solve some of the most pressing issues in the electric vehicle space. This represents a huge push towards e-mobility for the whole automotive industry - and it’s the fruit of collaboration between two German companies.
We couldn’t have hoped to work with a more influential automotive partner, which is critical for the overall viability of the project. Our combination of blockchain and DAG technologies makes our DAGchain infrastructure uniquely suited to this and similar use-cases. The MoU is validation of that. A big thank you goes to our exceptional team of engineers for making this possible.
This is an equally important step for blockchain as it is a concrete signal that we are out of the hype phase and into the adoption phase. We hope our ‘build first, talk later’ approach can be considered a breath of fresh air for the industry.’’
-Leonard Dorloechter, peaq Chief Product Officer and Project Lead
An ongoing partnership:
The MoU contract between peaq and this leading German automotive manufacturer is the product of over two years’ worth of collaboration and development between the two companies. The first phase of this collaboration concluded in 2019 after successfully confirming the technical and conceptual feasibility of the mutually agreed upon product.
More about peaq:
Peaq’s DAGchain® is hybrid Distributed Ledger Technology which combines DAG (Directed Acyclic Graph) Technology with blockchain technology to achieve higher speeds, better scalability, and overall better performance compared to regular blockchain technologies. Peaq offers its DAGchain® as decentralised platform infrastructure on a Software-as-a-Service basis to clients in a range of industries including the automotive, telecommunications, and machine industries. Furthermore, the DAGchain® meets all blockchain industry standards and requirements, such as using conventional programming languages and complying with data protection laws.
The DAGchain® was specially engineered to be the blockchain infrastructure for the Internet of Things (IoT). Similarly to how it is being used with the aforementioned German auto giant, this product is being developed into a neutral innovation and transaction infrastructure for decentralized IoT applications spanning a variety of industries.
Peaq is a portfolio company of Advanced Blockchain AG. Advanced Blockchain AG is a publicly traded German company seeking to promote innovation in the blockchain industry by taking on various investment and incubation roles.
More information about these companies can be found at their websites, www.peaq.io and www.advancedblockchain.com.