BMW, Honda, GM, Renault and Ford will test the blockchain automatic payment system

BMW, Honda, GM, Renault and Ford will test the blockchain automatic payment system

October 15, 2019 0 By autotimesnews

In November, a group of leading automakers plans to begin open testing of an automatic payment system for vehicles.

BMW, Renault, Honda, General Motors and Ford, together with the Mobility Open Blockchain Initiative, plan to integrate a blockchain solution that allows payments to be made while traveling without the use of cash or credit cards.

The system will automatically assign vehicles individual identifiers with information about the owner and history of the vehicle. The objective of the project is to eliminate the need for human participation in the calculation process for parking or travel. In the future, cars will be able to integrate into other networks to pay for refueling or charging.

MOBI is also considering the possibility of using cryptocurrencies to pay the driver compensation for the return of energy to the grid after a failure. The initiative will help automakers take a step closer to realizing the concept of unmanned vehicles.

In addition to this five companies, other car manufacturers also use blockchain to automate payments. So, recently, the Daimler carmaker behind the Mercedes-Benz brand has developed a hardware crypto wallet for next-generation cars that performs similar functions.