Luxoft Reveals Vision of Blockchain Empowered Mobility Services at BMW Group IT Fair

Blockchain enables a seamless charging experience for shared electric vehicles

MUNICH, GERMANY / ACCESSWIRE / November 6, 2018 / At this year’s BMW Group IT Fair in Munich, Luxoft Holding, Inc (NYSE: LXFT) revealed how carmakers can enable a seamless charging experience for shared electric vehicles by using blockchain.

“Carmakers are intertwining electric vehicles with car-sharing services. However, electric cars are not well-suited to sharing as they need to be constantly charged. This means someone may rent an electric car that is low on battery, as it was left uncharged by the previous driver,” said Vasiliy Suvorov, Chief Technology Officer at Luxoft. “We’ve created a blockchain-based design that leverages a combination of verifiable credentials, distributed identities and business ready distributed ledgers to solve this very complex problem for carmakers.”

Luxoft has built a proof-of-concept that combines Corda and the Sovrin Network to demonstrate how the technology will work by connecting members of the electric car-sharing ecosystem. This combination of blockchain ledgers means entities within the ecosystem only need to share information that’s needed to confirm a rental agreement and monitor a car’s battery, within a secure network that’s suitable for large-scale business processes.

This combination of distributed ledgers manages identity and business transactions, which integrates the multiple players and processes that interact with electric car-sharing services into a single ecosystem. Everyone from the car owner, mobility provider and charge ports are connected so a mobility provider knows how much charge is needed for the electric vehicles in its fleet and can sanction a transaction at the nearest electric port so its cars can be easily charged.

For more information on this use-case, please contact Luxoft at Press@Luxoft.com for a video of Vasiliy Suvorv’s speech at the BMW Group IT Fair.

About Luxoft

Luxoft (NYSE:LXFT) is a global IT service provider of innovative technology solutions that delivers measurable business outcomes to multinational companies. Its offerings encompass strategic consulting, custom software development services, and digital solution engineering. Luxoft enables companies to compete by leveraging its multi-industry expertise in the financial services, automotive, communications, and healthcare & life sciences sectors. Its managed delivery model is underpinned by a highly-educated workforce, allowing the Company to continuously innovate upwards on the technology stack to meet evolving digital challenges.

Luxoft has more than 12,700 staff across 42 cities in 21 countries within five continents, with its operating headquarters office in Zug, Switzerland. For more information, please visit www.luxoft.com.

Forward-Looking Statements

This news release of Luxoft Holding, Inc (“Luxoft”) contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include information about possible or assumed future results of our business and financial condition, as well as the results of operations, liquidity, plans and objectives. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” or the negative of these terms or other similar expressions. These statements are subject to, without limitation, the risk factors discussed under the heading “Risk Factors” in Luxoft’s Annual Report on Form 20-F for the year ended March 31, 2018 and other documents filed with or furnished to the Securities and Exchange Commission by Luxoft. Except as required by law, Luxoft undertakes no obligation to publicly update any forward-looking statements for any reason after the date of this news release whether as a result of new information, future events or otherwise.

Media Inquiries

Robert Maccabe
Director, Public Relations
t: +44 (0)20 3828 2346; m:+44 7950 517 836
Press@luxoft.com
Twitter: @Luxoft

Investor
Inquiries
Tracy Krumme
Vice President, Investor Relations
212.964.9900 x2460
IR@luxoft.com

SOURCE: Luxoft

ReleaseID: 527250