BMW, Ford, General Motors to Test Blockchain Payments
October 14, 2019 9:55 pm
Five popular automakers such as BMW, General Motors, Ford, Honda, and Renault will be testing a blockchain car identification and payment system next month in the U.S. According to a report the collaboration plans to test the vehicle ID system built under the Mobility Open Blockchain Initiative. Through the project, cars will be assigned digital IDs linked to ownership, service history and a wallet which allows the vehicle to automatically pay fees without specialized hardware.
The systems being applied to connect electric vehicles so tolls, maintenance, and rest stop purchases, for example, can be recorded and paid automatically when the car is plugged in to charge its battery.
In September, Tata Motors, an Indian automobile manufacturer wanted to integrate blockchain solutions into its internal processes as part of a newly launched program for startups. Blockchain-based solutions envisioned by the company include a parking marketplace, demand prediction algorithm and real-time monitoring of fuel quality.
Alex Morris, DOVU’s head of product said:
“What we’re doing is we’re essentially trying to build out this circular economy on the DOVU platform. [Drivers] can earn tokens, but down the line, they’ll also be able to spend tokens on services – for example, they might be able to get replacement tires or something like that using the Dovu ecosystem. The partner, in this case, BMW, defined the categorization of the reward and that’s defined in a smart contract. As long as the parameters are met for the smart contract, they’ll receive tokens.”