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BMW, General Motors, Ford to Start Testing Blockchain Payments in Cars

The five major car companies such as BMW, General Motors, Ford, Renault, and Honda will start testing from next month a payment and blockchain car identification system in the United States.

On Oct 14th Nikkei Asian Review reported that the vehicle identification system is developed under the Mobility Open Blockchain Initiative.

Self Paying Cars and Digital IDs

The cars will be assigned digital IDs linked to its owner, history of its service as well as a wallet that will automatically deduct fees without any specialized hardware.

The partnership will apply the vision of connected electric vehicles so ‘tolls, maintenance, and rest stop purchases’ can be recorded and paid automatically while the car is in charge.

Hyundai Mainnet Launch

Hyundai’s Blockchain arm, Hdac Motor Group is planning to set up a $10 million blockchain investment fund for mainnet launch in 2019.

Hdac will spend the funds on launching its mainnet, developing decentralized applications, supporting new industry startups and creating an ecosystem with a “cryptocurrency compensation system.

Source: Cointelegraph | Image:



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