GOWEY, Ireland (Reuters) – An Irish startup that has raised $3 million to create an open source, blockchain-based engine that can drive the next generation of cars is about to get its first official public test on a public road.
The Gowesty Engine, which will be used by Irish auto maker Nitto to power its new electric cars, is the result of more than two years of research and development and has the potential to be one of the most transformative technologies to emerge in the automotive industry in decades.
The company, which started as a research and software company but is now a start-up, is using a blockchain to power the Gowesty.
It’s a computer program that connects a blockchain, a digital ledger that records transactions, to a computer network to create a digital currency called GOWY.
It was built by a team of engineers, engineers, researchers and academics at the University of Dublin and the University College Dublin in Ireland.
It was created using a software tool called GloVe, a blockchain-backed digital currency.
The first cars will be built using GOWy and will run on the new system, which is called GowyGo, which was created by Gowesty, according to the company.
It will also be able to power electric cars on the same network as existing vehicles, said Jon McBride, co-founder and CEO of Gowesty and an adviser to the project.
“It’s like a blockchain for electric vehicles,” McBride said.
McBride said he is excited by the idea that it can be a transformative technology in the automobile industry.
“I think it’s really a game-changer.
The idea that we can build cars that are connected to a blockchain network and can be powered by an open, transparent, distributed platform, that’s a game changer.”
McBride believes that Gowesty is the “most significant technology in automotive ever to emerge from the world of finance.”
The company was started in 2013, and it has raised a total of $3.3 million from investors including Google Ventures, Sequoia Capital, Capital Gains Management, and others.
It aims to build a commercial version of the Gowy Engine that can be used in existing car companies, McBride told Reuters.
McBrides co-founded the company in 2013.
It has already built an open-source version of its Gowy engine called GowdyGo.
It can be downloaded for free, but its creators plan to offer it as a standalone software program for those who want to build their own Gowy engines.
The engine is designed to be a platform for carmakers to develop their own cars using open source software.
It allows them to create new cars and sell them.
It uses a blockchain technology to record all of the transactions that go on on the network and the blockchain is the record of who owns the car.
The transaction is then digitally signed, McBrides said.
It is not the first time a car company has developed a blockchain software platform.
Tesla has been using a similar system called Roadster that was developed with the help of a consortium of tech companies including Google.
GowyGo will be able streamline the process of creating and building cars by creating a single ledger for all the transactions, which could be used to track vehicle costs, he said.GOWY, which stands for “general purpose blockchain,” is a digital document that stores information about a network of computers.
The blockchain network is a shared computer network that allows transactions to happen in real time and has no central authority or servers.
It is not linked to a specific person or company, so transactions can happen anywhere on the planet.
McBean, who founded the company, said that the blockchain system that the Gowey Engine will be using is based on a technology called Ripple, a network used to secure the internet.
Ripple is an open protocol for building and running a distributed, trustless computer network, called RippleNet, he told Reuters in an interview.
RippleNet allows computers in the same country to exchange information without the need for a third party.
“RippleNet was the basis of Ripple,” McBean said.
“If you have RippleNet in place, it’s not like you have to build RippleNet from scratch.”
McBeant’s company is also developing a version of Gowy that will be compatible with the existing network of nodes, which include the National Grid and the Irish Electric Energy Agency.
The next generation Gowy will be a digital platform that will enable the blockchain network to connect cars to one another, McBeans said.
“The next version of our Gowy is going to be connected to the network that exists today and will be connected by the network of machines that exist today,” McBrays said.