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Carmakers to Test Blockchain Payment Tech
Next month BMW, Ford, General Motors, Honda and Renault will begin testing a blockchain-based identification system for automatic payments for parking and road tolls.
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Next month BMW, Ford, General Motors, Honda and Renault will begin testing a blockchain-based identification system that enables automatic payments for parking and road tolls.
The carmakers are working on the program with the Mobility Open Blockchain Initiative (MOBI), which was formed in May 2018. Several suppliers, including Bosch, Denso, IBM and ZF, also are members of the consortium.
Under the pilot program, participating vehicles will be assigned digital IDs that can be read by specially equipped infrastructure devices. This would allow a vehicle to be tracked and charged the appropriate parking or toll fees without motorists having to stop and pay or use specialized tags.
Blockchain—the platform used for Bitcoin and other crypto-currencies—uses a decentralized network to share data, which proponents say make it virtually impossible to hack. Other potential automotive applications include supply chain management, autonomous vehicle systems, secure payments, managing big data and car- and ride-hailing services.
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