Perun by Poly­Crypt: When the elec­tric car itself pays at the charg­ing station

The new­ly found­ed start­up Poly­Crypt is rethink­ing blockchain tech­nol­o­gy and also enables trans­ac­tions on the Inter­net of Things (IoT) with­out wait­ing time and at sig­nif­i­cant­ly reduced prices. For a suc­cess­ful trans­fer to the econ­o­my, the found­ing team is sup­port­ed with its project Perun by the start-up secure fund­ing pro­gram of the Fed­er­al Min­istry of Edu­ca­tion and Research (BMBF) and is now going from fund­ing phase I to fund­ing phase II.

Blockchain tech­nolo­gies have long made it pos­si­ble to car­ry out sim­ple trans­ac­tions with­out banks or finan­cial ser­vices by using so-called “smart con­tracts”. How­ev­er, the tech­nolo­gies cur­rent­ly avail­able are not yet suit­able for mass-pro­duced trans­ac­tions with high quan­ti­ties due to high fees and a long wait­ing period.

This is where the start­up Poly­Crypt starts 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 for­ward. Not only peo­ple, but also con­nect­ed things should be able to exchange ideas and con­clude con­tracts with each oth­er. For exam­ple, an elec­tric car could soon pay for itself at the charg­ing sta­tion, with­out any inter­ven­tion from the motorist behind the wheel. 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, led to the suc­cess­ful foun­da­tion of the start-up Poly­Crypt in Novem­ber last year. The BMBF’s Star­tUpSe­cure fund­ing pro­gramme has accom­pa­nied the Perun project from the very begin­ning. In fund­ing phase I, the finan­cial sup­port enabled the estab­lish­ment of a team, the devel­op­ment of basic tech­nol­o­gy as well as the coop­er­a­tion with well-known part­ners such as Bosch or Telekom AG. With the help of the fund­ing phase II, which is now begin­ning, the fur­ther devel­op­ment of the prod­uct and the suc­cess­ful trans­fer to the econ­o­my by means of pio­neer­ing projects with estab­lished com­pa­nies for test­ing the mar­ket poten­tial are planned. The found­ing incu­ba­tor Star­tUpSe­cure of the same name | ATHENE, based at the Fraun­hofer Insti­tute for Secure Infor­ma­tion Tech­nol­o­gy SIT and the Tech­ni­cal Uni­ver­si­ty of Darm­stadt, has pro­vid­ed inten­sive sup­port and advice to the found­ing team with their tech­ni­cal and eco­nom­ic expertise.

Perun’s solu­tion focus­es on ener­gy and mobil­i­ty as well as decen­tral­ized marketplaces

The Perun project can be explained by an exam­ple from the field of elec­tro­mo­bil­i­ty. Demand for elec­tric cars is increas­ing and sup­pli­ers need to incen­tivise cus­tomers not to charge elec­tric cars at the same time at charg­ing sta­tions in order to avoid over­load­ing the elec­tric­i­ty grid. This can work, for exam­ple, through finan­cial offers. With Perun’s solu­tion, for exam­ple, an auto­mo­bile man­u­fac­tur­er could get its end cus­tomer to charge the elec­tric car at night through a dis­count cam­paign. The start-up from Darm­stadt has devel­oped soft­ware for this pur­pose, with which a trans­ac­tion between the cus­tomer and the car man­u­fac­tur­er can be han­dled sim­ply. “The Perun soft­ware is based on blockchain, a tech­nol­o­gy that uses cryp­tocur­ren­cies 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 the own­er of an elec­tric car is cred­it­ed with a cer­tain amount for charg­ing the car dur­ing off-peak hours,” explains Hen­drik Amler, CEO of start­up PolyCrypt.

Perun soft­ware tech­nol­o­gy is fast and cost-effec­tive, mak­ing it attrac­tive for small and medi­um-sized enterprises

Perun’s solu­tion is scal­able in its appli­ca­tion and could enable 10,000 trans­ac­tions per sec­ond between two peo­ple. It is cost-effec­tive in its imple­men­ta­tion, as the trans­ac­tions car­ried out can be car­ried out with­out the blockchain and thus with­out the legal exam­i­na­tion. How­ev­er, if there are dis­crep­an­cies between two par­ties in the pay­ment process, the Perun soft­ware auto­mat­i­cal­ly resorts to the use of the blockchain. The exist­ing blockchain solu­tions always take the func­tion of a court in the trans­ac­tion between two par­ties in order to pre­vent abu­sive pay­ment trans­ac­tions. This is just as expen­sive in legal imple­men­ta­tion as it is in real life. With the perun solu­tion, this can save sig­nif­i­cant costs. The tech­nol­o­gy also offers com­pa­nies many oppor­tu­ni­ties to medi­ate direct­ly between com­pa­nies, auto­mate man­u­al process­es while increas­ing IT secu­ri­ty and data pro­tec­tion. Thanks to Perun soft­ware, net­worked things should also be able to exchange infor­ma­tion inde­pen­dent­ly in secure ecosys­tems in the future and enable them to con­clude con­tracts. This is made pos­si­ble by the use of smart con­tracts and many oth­er com­po­nents that have emerged from the research results of recent years in the field of applied cryptography.