Mercedes Parent to Create a Blockchain Solution for Cars

Jul 26, 2019 at 13:52 // News
Author
Coin Idol
The blockchain tech firm will be offering a hardware vehicle wallet solution, intrinsically a modern smart wallet for virtual currency, to provide the car a net identity which allows it to handle transactions in an automatic system.

Mercedes’ parent corporation, Daimler AG, a German global automotive company headquartered in Baden-Württemberg, has declared a partnership with four other giant startups including a European distributed ledger tech (DLT) interface, to create a blockchain solutions for cars dubbed a mobility blockchain platform (MBP), a distributed software platform which enables mobility as a facility with end to end encryption.

In this particular partnership, the blockchain tech firm will be offering a hardware vehicle wallet solution, intrinsically a modern smart wallet for virtual currency, to provide the car a net identity which allows it to handle transactions in an automatic system.

As per the press release by Daimler AG, the MBP has a wide range of applications starting from person’s journey to completely digitized contract processing, not forgetting the monetary posting of the transactions in a given period of time.  

Transforming Automotive Industry with Blockchain  

Daimler revealed that the product applications include a one-click mobility amenity that will have a completely automated user authentication and transaction processing.  

In the near future, passengers, drivers and car owners, won’t be interrupted to pay separately for journey fares, or things like fuel, taxes, repair & maintenance costs, parking fees, all these will be properly managed by the vehicle wallet in a safe, immutable, quick and transparent way.  

With the evolution of disruptive technologies, blockchain-based vehicle wallet solution is believed to transform the car into a more reliable info source and enable users to independently perform safe transactions between other clients, cars plus many more major infrastructures.  

A lot of car manufacturing companies and other car dealers including Frasindo, BitCar, Toyota, Emercoin, Mercedes-Benz, have participated in the blockchain and cryptocurrency industry in different ways. For instance, Jaguar Land Rover is developing a digital wallet tech which will be rewarding drivers with IOTA token for different activities they do including reporting road bottlenecks, potholes, accidents, fire outbreaks, traffic jams, and others.