Automobiles set to receive hardware wallet courtesy of Mercedes Benz parent company Daimler as it partners with blockchain firm , Riddle and Code to produce hardware wallet.
The age long business alliance is working towards the provision of solutions for self-driving vehicles and car-sharing platforms, relay traffic patterns in real-time, together with smart city infrastructure, transferring accident information to the proper authorities and insurance providers as well.
Presented at Startupautobahn in Stuttgart was a tamper- resistant piece of hardware which creates a cryptographic identity for vehicles, aside that It also integrates with the vehicle’s telematics control unit (TCU) that helps to receive, sign, and attest to sensory data from the car and also the surrounding infrastructure.
“Therefore , the information received can be used to record a vehicle’s performance and ensure it received proper maintenance.
To make car rental and fleet management more efficient, according to Ben Schwarz, Riddle & Code head of communications, the wallet can as well be integrated into the hardware of trucks, buses and luxury cars“.
According to Schwarz, “the pricing structure is yet to be concluded, though it will be based on hardware costs which will also include a license model for fleet owners who engage in the wallet. Meanwhile, a transaction-based model is also under deliberation”
“This is quite innovative as once vehicles become autonomous parties to a blockchain transactions, the marketplace is boundless,” Mr Schwarz added.
As stated earlier that the process will also integrate with surrounding environment since the wallet syncs, the transactions can be made with any digitally communicative technology including toll booths, parking spaces, and mechanics and so on.
It’s possible, according to Schwarz that insurers or regulators may even mandate these technologies in other to keep automotive data secured just like black box of an airplane.
However, data plays important role here as the genuinely disruptive new marketplaces will come from it.
He added that “the technology may also pay remittances to insurance providers one day.
“The Knowledge of which parameters were active at the time of an accident can also help to provide a trustworthy solution to understanding its cause,” the company said.
This innovation is a big plus for the automobile company coming from blockchain technology.
Credits: Daniel Kuhn
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