Top 5 automakers test blockchain payment solution for cars

The five largest automakers – BMW, General Motors, Ford, Renault and Honda, will begin testing the car identification system and payment solution on the blockchain.

As reported
Nikkei Asian Review, a partnership focused on testing a vehicle identification system developed as part of the Mobility Open Blockchain initiative.

In the framework of the project, automobiles are assigned digital identifiers related to the history of ownership and maintenance, as well as a wallet that allows the vehicle to automatically pay fees without special equipment. System testing will begin next month.

It is reported that the alliance assumes that the system will be used in electric vehicles connected to the network. Due to this, costs such as travel, maintenance and parking fees can be recorded and paid automatically when the car is connected to charge the battery.

Automakers are increasingly using blockchain. In the spring it was reported that Honda and General Motors are studying
the ability to use blockchain for storing electric vehicle data. And in December last year, General Motors patented
blockchain solution for unmanned vehicles.

In the summer, information also appeared that German automaker Daimler AG, which owns Mercedes Benz, is planning
create a hardware wallet for cars based on blockchain.