Mercedez Benz Parent Company Daimler Working On Cryptocurrency Hardware Wallet For Cars

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Daimler, the company overseeing Mercedes Benz, is working with Riddle & Code, a blockchain firm, to create a hardware cryptocurrency wallet that works with cars, reports CoinDesk. It seems that the goal is to work with self-driving and car-sharing companies among other things.

Upgraded Communication Methods

The project was presented at an event in Stuttgart, Startupautobahn, recently. It essentially ensures that vehicles each have a standout identity on the blockchain. It also works with the car’s telematic control unit (TCU) to sense information both within and outside the car and relay that data to the network. Essentially, the network will then analyze the information to notify drivers of any maintenance needs, among other issues.

When the network is put together properly, the company plans to use it within their cars of all sorts, including luxury vehicles, trucks, and more. Ben Schwarz, head of communications at Riddle & Code, commented on the collaboration:

“Our short-term aim with this project is to build a DLT-based backend that can make car rental and fleet management more efficient. However, once vehicles become autonomous parties to a blockchain transactions, the marketplace is boundless.”

That said, nobody is sure on pricing. Costs will depend on how much it is to implement this wallet, alongside licensing to other companies that take advantage of the technology. Both parties are also looking at a transaction-based method.

The technology is fascinating, considering it should be able to communicate with toll booths and other pay-to-use systems that drivers encounter. But, the groups are more focused on information than they are this use case. On top of this, the hardware wallets could even work with insurance providers to pay remittances. Of course, it depends on how those groups choose to work with the technology. “Knowing which parameters were active at the time of an accident can help provide a trustworthy solution to understanding its cause,” the groups claim.

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About Max Moeller

Cryptocurrency and games writer. Looking to the future by studying how these two industries can blend.