Daimler to develop a hardware wallet for automobiles

Tuesday 23 July 2019 13:00 CET | News

Daimler, Mercedes Benz’ parent company, has teamed up with blockchain company Riddle & Code to produce a hardware wallet for automobiles.

The partnership aims to provide solutions for self-driving vehicles and car-sharing platforms, relay traffic patterns in real-time, mesh with smart city infrastructure, and transfer accident information to the proper authorities and insurance providers.

The wallet creates a cryptographic identity for vehicles. It also integrates with the vehicle’s telematic control unit (TCU) to receive, sign, and attest to sensory data from the car and surrounding infrastructure. The wallet can be integrated into the hardware of trucks, luxury cars, and buses to improve car rental and fleet management.

The pricing model hasn’t been finalised, but will be based on hardware costs and involve a license model for fleet owners who deploy the wallet. A transaction-based model is also under discussion. Because the wallet syncs a vehicle with its surrounding environment, transactions can be made with any digitally communicative technology including toll booths, parking spaces, and mechanics. The technology may also one day pay remittances to insurance providers.

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Keywords: Daimler, blockchain, hard wallet, IOT, car sharing platforms, innovation, Riddle & Code
Countries: World