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Blockchain-Based Automotive Transaction Platform Is In Progress

Blockchain-Based Automotive Transaction Platform Is In Progress

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IBM, UBS and ZF Friendrichshafen are joining hands to build a platform using IBM’s blockchain technology for mobility services and be delivered through IBM cloud. The platform will be using distributed-ledger technology in order to ensurethe safety and transparency of the in-vehicle payments.

World’s largest automotive suppliers, ZF presented their Car eWallet, a blockchain-based payment system that enables cashless payments for tolls, parking lots and charging stations for electric-powered cars, from inside the vehicle.

Swiss financial services group, UBS along with IBM and ZF believe that the platform will bring a change to e-commerce and provide opportunities for automobile manufacturers and service providers.

Bitkom, Germany’s high-tech association mentioned that implementation of blockchain could be sped up with this initiative. “Blockchain has the potential to completely turn conventional processes upside down and fundamentally change entire businesses,” said Bitkom President Achim Berg.

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It is also notable that a recent study shows the prediction that blockchain application in terms of the automotive industry will be worth €104 billion by 2030

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