Swiss bank UBS has teamed up with automotive technology company ZF and German energy company innogy SE to build Blockchain-based eWallets for future electric cars. According to a recent report by Ian Allison at IBTimes – this new technology will allow car owners to pay on-the-go for electric charging, parking fees, highway tolls and receive car-sharing fees.
Another possible future use of the Blockchain-based system would be the ability to integrate with intelligent power supply systems, according to innogy’s Machine Economy Lighthouse Lead Dr. Carsten Stöcker.
This could leverage the car’s Blockchain to control the vehicle’s charging process depending on the renewable energy present in the vehicle’s system at any point in time. The vehicles could also provision energy back to the power supply system if authorised by the user to fulfill such demand, he added.
“…technology-driven innovation in the mobility and transport system will be a key driver for the fourth industrial revolution.
“In our project, the pillars of a decentralized mobility platform have been prototyped and built upon convergence of the communication internet including the Blockchain, energy internet, and mobility/logistics internet to create a new transaction layer. We are now looking forward to developing an open decentral mobility platform. innogy is now starting to work with other European utilities to bring an electric vehicle charging network onto this platform as a next applied prototyping step.”
If we can make payments at shops, supermarkets and for public transport using our mobile phones, why not use these devices to pay for parking, highway tolls, and car-sharing fees using dedicated in-built eWallets in our cars?; this is what in under development thanks to UBS, innogy, and ZF.
The way the payment system works is that the user transfers money from their PC or mobile wallet into their vehicle eWallet. The car eWallet can then be authorized to make specific payments up to a certain limit. For example, the car eWallet can be enabled to automatically pay for highway tolls and then notify the driver of a successful transaction.
A further planned feature of the eWallet is to accept third party payments and access authorization. That way unused cars could be integrated into the wider sharing economy by allowing users, for example, to access a car’s trunk for the direct delivery of packages to the car’s owner without allowing unauthorized full access to the vehicle.
Another possible future use of the Blockchain-based integrated eWallet would be the integration with an intelligent power supply system, according to innogy’s Machine Economy Lighthouse Lead Dr. Carsten Stöcker. An intelligent power supply system could leverage the car’s Blockchain to control the vehicle’s charging process depending on the renewable energy present in the vehicle’s system at any point in time.
Innogy managers, Carsten Stöcker and Thomas Birr, revealed their vision of the future of private transportation in a recent World Economic Forum publication.
Imagine instead a world where fleets of autonomous vehicles that are electric and shared (FAVES) slash the number of vehicles on the road by as much as 90%. Hailing and paying for a ride or delivery is as easy as tapping a smart phone app. Car loans and insurance payments shrink or disappear because renting a vehicle when it would otherwise sit idle (or feeding electricity back to the electric grid) more than pays for it.
More from the report:
All these benefits are enabled by two emerging technologies that are rapidly becoming mainstream. The first is the self-driving vehicle, guided to the quickest route by real-time traffic updates and to the next customer by real-time passenger requests. The second is Blockchain-enabled, secure peer-to-peer (P2P) transactions that eliminate or minimize the need for centralized authorities such as banks or ride-sharing services such as Uber and Lyft. The security of Blockchain will allow owners to directly rent out their vehicles under terms and conditions they set themselves.
Using Blockchain, trip charges will be automatically deducted from the passenger’s Blockchain-enabled digital wallets or charged to their credit card, with payment instantly flowing to the vehicle owner. Access and identity tokens and P2P transactions will enable the easy, secure sharing of not only vehicles but infrastructure such as toll roads, recharging stations and parking lots.
The Blockchain-enabled identity of each user will carry proof of identity, age, insurance coverage and ability to pay, while protecting the anonymity of the passengers and information about their travels, as well as the security of their payment mechanisms. The smart contracts governing such transactions will be based on standard templates that assure accurate, instant collection of taxes and regulatory reporting, wherever the trip takes place.
- Gibraltar Jumps on Regulatory Bandwagon – Issues Consumer Warning on ICOs – Token Sales – But Gives Green Light - September 24, 2017
- From the Creator of ICOs – J.R. Willett Designs Uptoken – To Accelerate Expansion Of Global Crypto ATM Network - September 23, 2017
- Art Provenance Platform ARTEX Launching Token Sale - September 23, 2017
- Students Train for Blockchain Jobs at Coding and Cryptocurrencies Summer Course in Greece - September 23, 2017
- Central Banks are Trialling Blockchain, Cambridge Study Shows - September 23, 2017
- Blockchain Conquering Esports Industry - September 22, 2017
- Russian-based Startup LavkaLavka Plan to Disrupt Global Eco Farming and Organic Food Retail Sector with BioCoin - September 22, 2017
- Slack Out, Rocket.chat In – Blockchain Community Leaders Aragon Lead Industry Exodus Amid Marked Increase In Phishing Scams - September 22, 2017
- Swiss Supply Chain Startup AMBROSUS Launches Token Generation Event - September 22, 2017
- Codemojo (Backed by PayPal Incubator) is launching its ICO to Mobilize $360 Bn worth of Reward Points Globally - September 22, 2017
- Investment into Blockchain start-ups set to hit $3bn in 2017 - September 22, 2017
- Opporty Announces ICO and Token Sale Starting October 18th 2017 - September 21, 2017
- Medicalchain To Speak At The Upcoming Financial Times Digital Health Summit On Oct. 12, 2017 - September 21, 2017
- Adel Will Upgrade Its Blockchain Incubator Using Jelurida’s Latest Technology - September 21, 2017
- Etch Foundation Announce Token Sale - September 21, 2017
- Jamie Foxx dives into cryptocurrency – invests in COBINHOOD - September 21, 2017
- New Creditinfo App and Services Utilize Blockchain-Based ShoCard Identity Platform to Maximize User Privacy while Authenticating Credit Report Data - September 21, 2017
- Disruptive Truck-Sharing Company Doft Sells Doftcoins to Truckers, 3PLs and Freight Shippers with 50% discount during Pre-ICO - September 21, 2017
- Carnegie Mellon University and BitClave partner to improve the search experience - September 21, 2017
- Darfchain Successfully Implements Its Distributed Erp System Encompassing Odoo, Bigchaindb And Ethereum Technology - September 21, 2017
- ASX-Listed iCandy Interactive Limited Announces Backing For Independent Blockchain Based Crypto-Currency “Project Nitro” To Support And Democratize Game Development - September 21, 2017
- Ethereum Co-founder Anthony Di Iorio Joins BlockMason as Advisor - September 20, 2017
- Nuggets Announces Token Sale for Revolutionary Blockchain Platform for Secure Private Payments and ID Verification - September 20, 2017
- Preeminent Investor & CNBC Contributor BRIAN KELLY Joins Veridium Labs Board of Advisors - September 20, 2017
- Dragonchain, Originally Developed at Disney, Announces October 2nd Token Sale To Bring The Power Of Blockchain Technology To Business - September 20, 2017
- Social Payments App Moneymailme Announces Development Of A New Blockchain Platform Called Modex Marketplace - September 20, 2017
- Blockchain-Fuelled Public Opinion Poll Startup ClearPoll Announce Presale - September 20, 2017
- SmartOne Launches Legal Solution for Crypto Community – Announce LEGAL Tokens - September 19, 2017
- HydroMiner Announces ICO and First Token Sale Starting September 25th 2017 - September 19, 2017
- LEVERJ AnnouncesFully Functional, Non-Custodial Cryptocurrency Derivatives Trading Platform - September 19, 2017
- DataBroker DAO, a Decentralised Marketplace for IoT Sensor Data, Token Sale Is Live - September 19, 2017
- Poseidon Brings Value To Nature Through Carbon Blockchain Technology - September 19, 2017
- Options and Futures on the Blockchain Board of Derivatives. PRE-SALE begins on 22th September at 8AM GMT. - September 18, 2017
- Blockchain-based Digital Advertising Ecosystem Papyrus to Launch Token Generation Event on 12 October - September 18, 2017
- Propy Raises $15 Million in ICO to Decentralize Real Estate Sales and Attract Foreign Investors - September 18, 2017
- The Financial Commission Issues Certification of the Genesis Vision ICO - September 18, 2017
- Blockchain Industry and Regulatory Leaders Launch Token Alliance - September 18, 2017
- PayPie Challenges Experian, Equifax and TransUnion Status Quo with the World’s First Ethereum Blockchain-Based Credit Risk Assessment - September 18, 2017
- YouNow Announces the PROPS Ecosystem, Brings Cryptocurrency to Mobile Video - September 18, 2017
- Dash Grows in Accessibility; Listed on London Digital Asset Exchange and Broker Dash partners with CEX.IO - September 18, 2017
- Qtum Ignition Tackles Scalability with First Decentralized Governance Protocol - September 18, 2017
- The Grant Hero Foundation Aims to Disrupt the Non-Profit Industry with the GIVE Coin Using Ethereum Blockchain Technology - September 18, 2017
- Trippki Announces Hotel Booking and Rewards Platform to Simplify & Monetize Traveling - September 18, 2017
- Democratic Cryptocurrency Exchange Mandarin.top launches ICO - September 18, 2017
- Talla Launches Botchain, a Blockchain-Based Platform for Ensuring Certainty and Security in A.I. Autonomous Agents for Business - September 18, 2017
- NXT Blockchain Announces Big Changes for Voting, Money Transfer and More - September 17, 2017
- Swirlds Raises $3M Seed Round to Bring Improved Performance, Security to Distributed Ledger Applications - September 17, 2017
- ICOBox Token Sale Tops 3933 BTC For New and Existing ICOs - September 17, 2017
- 21 Thousand People Contribute To Kybernetwork As Company Reports ‘Smooth’ ICO - September 16, 2017
- Arna Genomics Introduces A Revolutionary Solution For Cancer Diagnostics And Treatment Biotechnologies – Blockchain Ecosystem Arna Panacea. - September 14, 2017