Mercedes Parent Company, Daimler, is Allegedly Making Its Own Crypto Hardware Wallet for Its Cars

The parent and multinational corporation behind the internationally renowned Mercedes Benz manufacturer, has officially partnered up with the European blockchain interface solutions provider – Riddle & Code – in order to provide a seamless, open car hardware wallet for its fleet of cars.

The startup company officially announced this in a press release which was released to the public at the beginning of this week.

A Marketplace in Your Car – ‘Turn your Automobile Into a Future Marketplace'

According to the press release, having an already installed in-car wallet would, and already has a wide array of use cases that it can be put to use for. These include already existing solutions like car-sharing, autonomous vehicles, real-time exchanges of secure data on traffic between cars as well as other equipment within a smart city environment in order to alleviate the amount of congestion and significantly reduced insurance premiums.

According to the CEO behind Riddle & Code, Tom Fürstner, making use of a blockchain solution for smart cities and vehicles are matches meant to happen.

“Autonomous cars must behave consistently to be trusted. Cars are already computing devices. A secure identity ensures that the right authorities have approved code executed inside vehicles and the trustworthiness of data exchanged. RIDDLE&CODE secures this with its cryptographic hardware and uses ledgers to turn automobiles into future market places.”

The digital wallet itself is reportedly developed and built around the startup's own highly secure storage solution known as the Secure Element 2.0, and according to the team, this allows it to provide a secure blockchain-based identity to vehicles.

According to the company from its press release, merging the already existing state-issued vehicle identity (government registrations), along with Riddle & Code's unique, and highly secure solution would create a wholly unique ledger transaction.

Bringing Blockchain to the Automotive Industry

The press release itself was published back in February, and also revealed that Mercedes-Bez had also been working to develop a platform that is based on blockchain technology.  The ultimate application of this is to increase transparency as well as sustainability within a complex and increasingly complex supply chain.

In addition to this, in January 2017, the car manufacturer announced its successful acquisition of the digital payments startup company – PayCash Europa – which brought forward some serious rumors that the manufacturer was in the process of creating and launching its own decentralized payment solution of its own.

According to further news reports from earlier in July – Siemens, which has worked strenuously in order to corner the markets of electrification, automation as well as digitalization, has expressed a significant interest in making use of blockchain solutions in order to truly set its products apart.

More specifically, the company has been exploring the application of blockchain in the field of transportation.

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James Fox
James Fox
Cutting his teeth in the world of startups and Fintech, James went on to gain a profound interest in Cryptocurrencies and blockchain, investing in Bitcoin, Ethereum and LiteCoin, but never letting it weigh on being objective. Now working full time as an editor for a blockchain gaming site, James still lends his writing abilities and contacts out on a freelance basis, thanks to his marketing experience with other projects.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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