Commerzbank, Daimler pilot blockchain digital cash for in-car payments

Friday 9 August 2019 11:39 CET | News

Commerzbank and Daimler Trucks have run a pilot to use the Daimler Truck Wallet to make payments with e-euros from Commerzbank.

According to Ledger Insights, once the e-euros are used for payments, the recipient can request Commerzbank to convert the digital cash back to its bank account. The system has the regulatory approval of the German Federal Financial Supervisory Authority (BaFin).

Commerzbank’s payments use the Corda blockchain.

Daimler envisages applications such as for fuel payments, processing tolls, transmitting freight papers, potentially controlling and billing subcontractor drivers, and processing pay-per-use vehicle leasing.

In the future, by using automated payments, drivers can focus on other tasks, reducing the need for reconciliation as all transactions will be on a distributed ledger.

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Keywords: Commerzbank, Daimler, blockchain, digital cash, in-car payments, Daimler Truck Wallet
Countries: World