Blockchain Powered Payments in Vehicles To be Tested By BMW, General Motors & Ford
A blockchain powered car identification and payment mechanism is planned to be tested by five renowned auto makers namely BMW, General Motors, Ford, Renault and Honda.
The collaboration intends to trial the vehicle ID system built under the Mobility Open Blockchain Initiative.
As part of the endeavor, cars are designated digital IDs tied to ownership, service background and a waller permitting the vehicle to mechanically pay fees without bespoke hardware.
The partnership visualizes the system being incorporated in networked electric vehicles such that tolls, service and rest top spending, for illustration, can be documented and settled mechanically when the car is connected for battery charging.
Last month, Daimler AG, which owns Mercedes-Benz, and Dürr AG, a mechanical engineering firm, carried out a trial on blockchain focused software company R3’s Marco Polo trade finance network.
In August, the automaker also trialed blockchain powered system to sytem payments using trucks in collaboration with with Commerzbank and Frankfurt bank.
Furthermore, last month, Indian automaker Tata Motors disclosed its intention to incorporate blockchain solutions into its internal management procedures as portion of a new program aimed at startups. Blockchain-powered systems visualized by the company include a parking marketplace, live tracking of fuel quality and algorithm to forecast demand.