IBM and UBS have signed a partnership agreement with ZF Friedrichshafen to launch a blockchain-based payment platform in the automotive industry.
New opportunities for car manufacturers
The three world-renowned companies – ZF Friedrichshafen, IBM and the UBS investment and financial services bank – have joined forces through this ambitious project.
The new payment system should allow motorists to carry out cashless transactions, including paying parking fees, road tolls and billing fees.
The Blockchain is the solution of choice for the security, transparency and integrity of the stored data, which should enhance trust and cooperation between drivers and car manufacturers.
The automotive sector and the Blockchain
Simon-Kucher & Partners recently conducted a study on the car industry’s interest in Blockchain.
The company estimates that the Blockchain applications market will reach 104 billion euros by 2030, to mention only the management of traffic congestion, adapted insurance rates and automated payments.
Volvo recently introduced a humanitarian initiative with the incorporation of Blockchain into its services. The Swedish industrial conglomerate has used Blockchain technology to trace cobalt supplies to show investors and customers that the production of its electric cars is not entrusted to children.
It is not uncommon for cobalt to be derived from children illegally exploited in mines.
In addition, the German government has launched a campaign to promote the digitization of processes, based on Blockchain technology and artificial intelligence (AI).
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