Electric car pays for charging itself via blockchain

February 17, 2021 // By Christoph Hammerschmidt
Electric car pays for charging itself - via blockchain
Start-up enterprise PolyCrypt (Darmstadt, Germany) applies blockchain to real-time processes in the Internet of Things (IoT). In its current project "Perun", it hopes to implement a solution for the payment of e-car charging processes. It is crucial that the transaction takes place without delay and at low cost. Now the project is moving into industrial implementation.

For some time now, blockchain technologies have made it possible to carry out simple transactions without involving banks or financial services through the use of "smart contracts". However, the technologies currently available are not yet suitable for mass transactions with high volumes because of the high fees and the long transaction duration. This is where PolyCrypt comes in with its Perun project: The company develops powerful blockchain systems that can process significantly more transactions quickly and cheaply. Not only humans, but also networked things are to be enabled to exchange information and conclude contracts with each other. For example, an electric car could soon pay for itself at the charging station, without the driver behind the wheel having to do anything. What started as a research project at the Technical University of Darmstadt under the direction of Prof. Sebastian Faust, head of the Department of Applied Cryptography, led to the successful founding of the start-up PolyCrypt in November last year.

An example from the field of electric mobility explains how Perun works:  When the demand for electric cars increases, energy suppliers have to create incentives for the customer not to charge all the e-cars at the same time in order to avoid overloading the electricity grid. This can work, for example, through financial offers. With the help of the Perun solution, a car manufacturer could, for example, encourage its end customer to charge the car at night via a discount campaign. PolyCrypt has developed software for this purpose, with which a transaction between the customer and the car manufacturer can be processed simply. "The Perun software is based on blockchain, a technology that underlies cryptocurrencies such as Bitcoin and enables transactions between different participants in a blockchain network in the form of smart contracts”, explains Hendrik Amler, CEO of PolyCrypt. “These automated contracts could now ensure that the owner of an electric car is credited a certain amount for charging the car outside of peak hours."

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