Visa uses blockchain technology for car leasing

The project aims to digitise the whole process, from configuring the lease, insurance and other expenses like parking and tolls, to digitally signing and paying for the car itself.

To begin the process, the car is given a unique digital identity, which is registered on the blockchain – the secure ledger database used to record transactions over broadly-distributed computer networks.

This is linked to the customers DocuSign’s eSignature and integrated with Visa’s payment technology, so that they can pay for the lease and insurance, as well as in-car payments like tolls, maintenance services and parking, on the fly.