When the electric car pays for itself at the charging station
The newly founded startup PolyCrypt is rethinking blockchain technology and also enables transactions in the Internet of Things (IoT) without waiting times and at significantly reduced prices. For a successful transfer into the economy, the founding team with their Perun project is supported by the StartUpSecure funding program of the Federal Ministry of Education and Research (BMBF) and is now moving from funding phase I to funding phase II.
Darmstadt, February 16, 2021 - Blockchain technologies have made it possible to carry out simple transactions without banks or financial services through the use of so-called “smart contracts”. However, the currently available technologies are not yet suitable for mass transactions with high numbers of items due to high fees and the long waiting time. This is where the startup PolyCrypt comes in with its Perun project and develops high-performance blockchain systems that can process significantly more transactions quickly and at significantly reduced fees. But not only that: the founding team is already thinking a decisive step further. Not only people, but also networked things should be enabled to exchange ideas with one another and to conclude contracts. For example, an electric car could soon pay at the charging station itself, without any action from the driver. What began as a research project at the Technical University of Darmstadt under the direction of Prof. Sebastian Faust, Head of the Department of Applied Cryptography, culminated in the successful establishment of the start-up PolyCrypt in November last year. The BMBF's StartUpSecure funding program has accompanied the Perun project from the start. In funding phase I, the financial support made it possible to set up a team, develop the basic technology and cooperate with well-known partners such as Bosch and Telekom AG. With the help of the now beginning funding phase II, the further development of the product and the successful transfer into the economy by means of pioneering projects with established companies to test the market potential is on the agenda. The start-up incubator of the same name, StartUpSecure | ATHENE, based at the Fraunhofer Institute for Secure Information Technology SIT and at the Technical University, provided intensive support and advice to the founding team with their technical and economic expertise.
Perun's solution focuses on the areas of energy and mobility as well as decentralized marketplaces
The Perun project can be clearly explained using an example from the field of electromobility. The demand for electric cars is increasing and the providers must create incentives for customers not to charge the electric cars at the charging stations at the same time in order to avoid overloading the power grid. This can work, for example, through financial offers. With the help of Perun's solution, an automobile manufacturer could, for example, use a discount campaign to encourage its end customers to charge their electric car at night. The startup from Darmstadt has developed software for this purpose, with which a transaction between customer and automobile manufacturer can be easily processed. “The Perun software is based on blockchain, a technology that is based on crypto currencies such as Bitcoin and enables transactions between different participants in a blockchain network in the form of smart contracts. These automated contracts could now ensure that an owner of an electric car is credited a certain amount for charging his car outside of peak hours, ”explains Hendrik Amler, CEO of the start-up PolyCrypt.
The Perun software technology is fast and inexpensive and therefore also attractive for small and medium-sized companies.
Perun´s solution is scalable in ist application and could enable 10.000 transactions per second between two people. It is inexpensive to implement because the transactions carried out can be processed without the blockchain and thus without the legal review. However, if there are disagreements between two parties in the payment process, the Perun software automatically uses the blockchain. The previous blockchain solutions always take on the function of a court in the transaction between two parties in order to prevent fraudulent payment transactions. This is just as expensive in legal implementation as in real life. With the help of the Perun solution, considerable costs can be saved. The technology also offers companies many options for mediating directly between companies, automating manual processes and at the same time increasing IT security and data protection. Thanks to the Perun software, networked things should also be able to communicate with one another independently in secure ecosystems and enable them to conclude contracts. This is made possible through the use of smart contracts and many other components that have emerged from the research results of the past few years in the Department of Applied Cryptography.
About the StartUpSecure funding program
The BMBF's StartUpSecure funding program supports innovative IT security projects with funds for two funding phases. The aim of the first development phase (Phase 1) is to expand the technical feasibility of a start-up idea and to emphasize the economic connectivity. In the second phase (Phase 2) the market launch of the product or service is in the foreground. Among other things, this involves working out a strategy for successfully establishing the developed product on the market. The start-up incubator StartUpSecure | ATHENE acts as a contact person for all matters relating to the funding program and helps, for example, with the application process.
About StartUpSecure | ATHENE
The start-up incubator StartUpSecure | ATHENE at the National Research Center for Applied Cybersecurity ATHENE promotes the development of ideas in the field of cybersecurity across Germany. The team, based at the Fraunhofer Institute for Secure Information Technology SIT and at the Technical University of Darmstadt, supports (potential) founders who, for example, develop innovative IT security solutions from their studies or science and want to develop them further into marketable productsStartUpSecure | ATHENE offers a wide range of support offers with specific reference to cybersecurity. The start-up incubator works closely with the innovation and start-up center HIGHEST at the Technical University of Darmstadt and the Digital Hub Cybersecurity.
More information about Perun on the website: www.perun.network/#perun-video
More information about Perun on the BMBF-website: https://www.forschung-it-sicherheit-kommunikationssysteme.de/foerderung/bekanntmachungen/startup-secure
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