February 20, 2024

Major automakers test payment blockchain system

Major automakers test payment blockchain system

In November, Five Major Automakers Will Begin Testing a New Blockchain Identification SystemTransportation in the United States.

The giants of the auto industry - BMW, Ford, General Motors, Honda and Renault - intend to begin field tests of a new blockchain-based identification system, which will behave various applications, and will allow you to automatically track and pay road and parking tolls, fines and even service at the service station.

Specially designed to fit the newgeneration of electric vehicles, an ID system based on a distributed registry will assign digital identifiers to each driver. Payments and data will be processed automatically during car charging.

The new system was developed as part of the Mobility Open Blockchain Initiative (MOBI),  a consortium to explore the use of blockchain technology in the transportation sector, announced last year. 

Automotive companies are increasingly embracing the potential of blockchain. Jaguar Land Rover collaborateswith the IOTA Foundation to build its own blockchain, while Daimler, the parent company of Mercedes-Benz, is developingcar wallet by Riddle & Code.

Hyundai Motor Group South Korean Division,Hdac Technology, announced plans to create a $ 10 million blockchain investment fund, and even issued its own crypto token, Hyundai (HDAC).