Will the Mercedes of the Future Come with a Crypto Wallet?

Have you ever considered the possibility of driving around in a crypto coins wallet?

Tech giant Daimler, owner of the German multinational corporation backing the Mercedes-Benz brand recently partnered with Riddle & Code, European startup focused on blockchain interface solutions.

As announced in a press release published on July 22nd, this business alliance will develop open-car hardware solutions. According to Daimler, the brand is working on creating cars that have an attached cryptocurrency Ethereum wallet that is powered by blockchain.

The Future of the Partnership

This business collaboration between the two tech giants will offer world-class solutions. In the future, they aim to provide a solution for self-driving vehicles and car-sharing platforms.

This solution will network with smart-city infrastructure, transmit patterns of traffic in real-time, and relay accident data to the right authorities and insurance providers. This will reduce insurance premiums and congestion on city roads.

The Wallet

The wallet, as displayed at Startup Autobahn Stuttgart, is a piece of tamper-resistant hardware. Within a vehicle, it operates with the TCU (Telematic Control Unit), and it develops a cryptographic recognition for cars. Reportedly, this wallet is built around Secure Element 2.0, a protected data storage solution for Riddle & Code.

The startup claims that the wallet will be able to settle value automatically and exchange data with smart systems in the city, parking zones, and charging solutions without a need for human interaction.

Additionally, it is said that the wallet will offer a protected identity to vehicles which will be based on blockchain.

According to the startup’s release, the assimilation of this identity with the vehicle identity issued by a state (registration) will culminate in the establishment of secure and unique ledger transactions.

cryptocurrency provider

Competition

This business alliance move comes shortly after an announcement by Jaguar Land Rover, a rival automaker. This announcement revealed a partnership deal with IOTA, a cryptocurrency provider linked with Internet of Things (IoT). As disclosed, the aim of this partnership is also to develop vehicles that are armed with smart-wallet technology.

Even more, Hyundai – the South Korean car manufacturer and business giant – has also recently launched a cryptocurrency called Hdac, through its subsidiary based in Switzerland. The South Korean company is also said to be working on the development of a stable coin.

Earlier in July, it was also reported that Siemens had indicated an interest in developing solutions that are based on blockchain. In particular, the reports state that Siemens exploration of blockchain targets the usage of blockchain in the industry of transportation.

The future of crypto wallet in the transportation industry dawns bright. According to Ben Schwartz, the head of communications in Riddle & Code, these wallets can be installed into the hardware of luxury cars, trucks, and buses. It will also make fleet management and car rental more efficient. You can learn more about the best crypto wallets by visiting this website. Feel free to drop your comments here.

Written by:

Thomas Glare is a well-learned American author with diverse interests in cryptocurrency and the transportation industry. He is well conversant in these areas and can talk about them for hours.

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