Altcoin News: The Manufacturer of Mercedes Will Create a Hardware Crypto Wallet for Cars

July 23, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

German carmaker Daimler AG, which owns the Mercedes Benz trademark, began to cooperate with Riddle & Code to create a hardware wallet for cars based on blockchain technology.

The development of the company will allow creating cryptographic identifiers of vehicles and equipping them with telematic command modules, thanks to which they will be able to receive, sign and evaluate information from sensors located both on the machines and in their environment.

Then this information can be used to record the performance of the car and guarantee its timely service. The wallet can be integrated into trucks, luxury cars and buses, in order to “improve the efficiency of renting and fleet management”.

“However, once vehicles become autonomous parties to blockchain transactions, the marketplace is boundless, ” said Ben Schwartz, head of communications at Riddle & Code.

In the future, the technology can be used in calculations with insurance companies. Schwartz admits that in the future the presence of such a wallet in the car may become a mandatory requirement for regulators or insurers.

“Knowing which parameters were active at the time of an accident can help provide a trustworthy solution to understanding its cause,” the company said.

Last March, Daimler announced to release its own digital currency to encourage drivers who are committed to cleaner driving became aware.

Author: Marko Vidrih