Automakers testing blockchain payments! Automakers testing blockchain payments is just the latest iteration of blockchain and cryptocurrency technology slowly spreading across all sectors in our lives.
BMW, General Motors, Ford, Renault, and Honda will start testing a blockchain car identification and payment system next month in the United States.
Nikkei Asian Review first reported on October 14th that the partnership aims to test the vehicle ID system developed under the Mobility Open Blockchain Initiative. As a part of the project, cars were and are assigned digital IDs linked to ownership, service history, and a wallet allowing the vehicle to automatically pay fees without special hardware.
The alliance is hoping that the system will be applied first to connected electric vehicles so tolls, maintenance, and rest stop purchases, for example, can be recorded and paid automatically when the car is plugged in to charge its battery.
Daimler AG and Dürr AG have conducted tests on R3’s Marco Polo trade finance network as well. They’ve also been spearheading efforts to partner with the Frankfurt Bank and Commerzbank to use blockchain-based machine-to-machine payments with trucks.
Indian automobile manufacturer Tata Motors is also seeking to integrate blockchain solutions into its internal processes. They hope to use blockchain to help with parking marketplace, demand prediction algorithms, and real-time monitoring of fuel quality.
With this, we’ve got car companies from across the globe looking to slowly, but surely, integrate blockchain products and technology to its repertoire, and that’s just car companies!. What do you think? Let us know on our Facebook page!
