BMW, General Motors, Ford to Start Testing Blockchain Payments in Cars
Adrian Zmudzinski's original article for cointelegraph.com reduced by 59%
Five major automakers - BMW, General Motors, Ford, Renault and Honda - will start testing a blockchain car identification and payment system next month in the United States. Nikkei Asian Review reported on Oct. 14 that the partnership aims to test the vehicle ID system developed under the Mobility Open Blockchain Initiative.
As part of the project, cars are assigned digital IDs linked to ownership, service history and a wallet allowing the vehicle to automatically pay fees without specialized hardware. Mercedes also testing blockchain transactions in cars. In September, Mercedes-Benz parent company Daimler AG and mechanical engineering firm Dürr AG have conducted a pilot transaction on blockchain software firm R3's Marco Polo trade finance network.
In August, the automaker also tested blockchain-based machine to machine payments with trucks in partnership with Frankfurt bank and Commerzbank. As Cointelegraph reported in September, Indian automobile manufacturer Tata Motors wants to integrate blockchain solutions into its internal processes as part of a newly launched program for startups.
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