blockchain technology automotive

IBM, Automakers, & Banks Working To Build Blockchain Wallet

Blockchain technology is now being developed for a mobile payment system for the auto industry. That’s right, IBM is joining forces with automaker ZF Friedrichshafen as well as big bank UBS to develop a blockchain based wallet. This was announced at the Frankfurt Auto Show and is being depicted as a partnership that understands how the driverless vehicle industry could be able to process payments. This could also act as a way to track digital operators in the future using the blockchain.

“Car eWallet is an innovative, digital assistant in the car that allows secure and convenient payments even on the go. Moreoever, it can also perform other tasks, like opening the trunk or doors.”

ZF actually announced this idea earlier this year. They talked about a Car eWallet system that promoted a payment option that will help charging electric cars. They also planned on giving access to an ability for a car-sharking systems in tandem with a package delivery program.

The companies stated that they would like to utilize blockchain technology to prevent third party vendors to process transactions or give commands. Instead it will bring rise to a fully trackable method to record payments.

IBM will use the blockchain to enhance a secure system that can carry out certain tasks and authorize user information that’s relevant to their vehicles. This will allow for processes and transactions to be carried out in real time.

In general, this move comes from an active time within the auto industry. As with others, this industry is also exploring the opportunities that blockchain technology offers. Other companies like Toyota are also looking to get involved. They are also looking to build a blockchain to further build fraud prevention and passenger safety.

1 COMMENT

  1. […] Blockchain technology, which uses a distributed computing technology, that currently powers Bitcoin, could possibly become a solution to this problem. The main idea behind blockchain is the idea that there is a indelible, and transparent ledger that cannot be tampered with. This type of record-keeping could essentially transform the very industries that need it most. Those industries can range all the way from shipping, insurance, and especially finance. One of the first industries to fully accept this technology, has slowly become that of the diamond business. […]

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