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BMW, General Motors, Ford Bringing Blockchain Payments in Cars

BMW, General Motors, Ford, Renault, and Honda- the world’s finest automakers have decided to roll out blockchain technology in their car identification and payment systems. The companies are reportedly testing innovative technology in the U.S. by next month. Nikkei Asian Review posted an article on Oct.14. 

Blockchain Revolution Creating Self-Paying Cars & Digital IDs System

The U.S. based consortium Mobility Open Blockchain Initiative (MOBI) has led this to happen by collaborating with the major automakers these are BMW, General Motors, Ford, Renault, and Honda, among others. 

The First Vehicle Identity (VID) Standard, on a blockchain project, is aiming to provide digital IDs that would be connected to the individual vehicle linked to ownership and service history related to lifetime information about the cars. With this activity, the collected data would be beneficial for providing accurate information of on-road vehicles, billing can be done automatically via wallet. The process is indicated to be hassle-free and reliable, without depending on the conventional electronic toll collection systems like specialized tags or hardware.

This standard project is an elementary step towards the digital evolution of the automotive and mobility industries. The press release published by MOBI on July 17.

Jaguar & Mercedes Testing Blockchain Transactions 

Earlier this year, KoinPost reported about the partnership of an automobile manufacturer Jaguar with digital ledger technology-based platform IOTA for developing a blockchain-based system in the cars. In this project, the drivers can earn and make the payments in cryptocurrency. The testing face is going on in the U.K, according to April 29 IOTA’s Medium blog post

During September, a blockchain-based pilot project is performed by Daimler AG- the parent company of Mercedes-Benz with Germany based global mechanical and plant engineering firm Dürr AG. Under the pilot, blockchain software firm R3’s Corda Marco Polo trade finance assisted the duo on how to secure the transactions between commercial trade transaction network. 

Consecutively in August, Frankfurt bank and financial services firm Commerzbank collaborated with  Mercedes-Benz and Daimler. The joint initiative tested blockchain-based machine to machine payments with trucks. “The successful pilot has proved that in time of digitization, machines are becoming increasingly interconnected and increasingly autonomous. With this innovation loading and the subsequent payment process can proceed completely autonomously and without human intervention.”

Tata Motors in Blockchain

Tata Motors Limited, an Indian multinational automotive manufacturing company also envisioning to follow the suit to test blockchain and artificial intelligence-related solutions, to benefit the consumers like facilitating in real-time monitoring of fuel quality, parking marketplace, demand prediction algorithm, and to modify the internal management system while deploying innovation.

The solutions and services would be provided by Tata Motors newly launched program for startups named “Tata Motors AutoMobility Collaboration Network 2.0”. 

The year 2019 certainly has shown tremendous innovation in the blockchain space, including the sharp rise and fall of Bitcoin and other digital currencies. However, there is more to come, which would change the existing status quo soon. Stay tuned to KoinPost for more updates.

Image by Pete Linforth from Pixabay

Tags: #Blockchain News #Cryptocurrencies #Collaboration #Vehicle Identity (VID) #Digitization #Tata Motors #Jaguar #Frankfurt Bank #Mercedes-Benz #Daimler #Commerzbank #R3’s Corda #BMW #General Motors #Ford #Renault #Honda