According to Cointelegraph on October 14, the top five automakers – BMW, GM, Ford, Renault and Honda – will test a blockchain-based car identification and payment system in the US next month.
Image source: pixabay
Car digital identity and autopay features
The Nikkei Asian Review reported on October 14 that the collaboration was designed to test a vehicle identification system developed by the Mobility Open Blockchain Initiative. The system uses blockchain technology to correlate digital identity information related to owner identity, service history and wallet with the car, allowing the car to automatically pay for the cost without the need for dedicated hardware.
- China's blockchain patent applications exceeded 10,000: Alibaba ranked first
- Bitcoin 11 years: "hard core" 100 things
- "Blockchain +" is here! Who will create great products of the new era?
- Will Libra become the “UN coin”? Libra Association: We can help the UN achieve many sustainable development goals
- Analysis: Buy BTC at any price, hold up to 1335 days, and be 100% profitable
- Xinhua News Agency: Some people deserve to be vigilant in the name of blockchain
According to reports, the alliance plans to apply the system to networked electric vehicles, so that when these cars are charged, they can automatically record and pay for tolls, maintenance and parking fees.
Mercedes-Benz also loves the blockchain
In September of this year, Mercedes-Benz's parent company Daimler AG and mechanical engineering company Durr AG developed Marco Polo at blockchain software company R3. A pilot transaction was conducted on the trade finance blockchain network.
In August of this year, the automaker also worked with Frankfurt Bank and Commerzbank to test block-based machine-to-machine payment functions for trucks.
According to a Cointelegraph report in September, Indian carmaker Tata Motors hopes to integrate blockchain solutions into its internal processes as part of a newly launched start-up project. The company's blockchain-based solution envisions will involve parking market, demand forecasting algorithms and real-time monitoring of fuel quality.