Commerzbank is exploring the possibility of creating autonomous payment solutions on the blockchain

One of Germany’s largest banks, Commerzbank is considering the possibility of creating blockchain payment solutions that could function without the direct involvement of a person.

According to a press release published on Thursday, the financial institution has already conducted the first tests of the technology. Tokenized euros were issued on the blockchain and transferred to the Daimler auto group, which is behind the Mercedes-Benz brand, which uses them in the payment system of its trucks.

“Earlier we tested the possibility of transferring digitized securities. Now we decided to start creating and studying a payment structure using blockchain technology. As a large financial institution and holding a leading position among other banks, we are obliged to constantly improve and create a new architecture for our clients, ”said Stephan Müller, member of the board of the Commerzbank transaction banking division.

As the test results showed, the transfer of funds can be carried out in a fully automated mode. The project aims to create a new generation of technical equipment that will be distinguished by an increased degree of autonomy.

“We are testing independent communication between machines, which in the future may allow us to make autonomous settlements,” said Commerzbank.

There are also alternative ways to apply the technology, for example, in the chemical industry, manufacturing and real estate.

Recall that in December last year, four European banks, including Commerzbank, carried out the transfer of bills of € 100,000 using the Corda blockchain platform.