Car concern Daimler AG plans to create a hardware wallet for cars

German carmaker Daimler AG, which owns the world famous Mercedes Benz trademark, plans to create a hardware wallet for cars based on the blockchain.

For these purposes, the company has entered into a partnership agreement with Riddle & Code, the development of which will allow you to create car cryptographic identifiers and equip them with telematic command modules that allow you to receive, sign and evaluate information from sensors located both on the machine and in their environment.

This information can later be used to obtain technical data of the vehicle and guarantee its timely maintenance. The development can be implemented in trucks, luxury cars and buses, which will allow “to increase the efficiency of rental and fleet management.”

“At the moment we still have a lot of work to do, including the development of a pricing model. But as soon as the vehicles become autonomous participants in the blockchain transactions, an unlimited market will open, ”said Riddle & Code communications head Ben Schwarz.

Schwartz cited interaction with insurance companies as an example of one of the ways to use a new technology. He suggests that in the future the existence of such a wallet may become a mandatory requirement for regulators and insurers.

“Insurance companies will be able to accurately determine the cause and severity of the accident using the parameters that will be provided at the time of the accident,” said the company.