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.
- Blockchain App Humaniq’s HMQ Token to be Traded on Six Exchanges - April 24, 2017
- Five days left until Blockchain Startup Exscudo ICO - April 21, 2017
- Apptrade to Reward Crowdsale Participants with Three Percent Bonus - April 21, 2017
- Blockchain Technology Startup Humaniq Raises $3.8M and Signs Contract With Deloitte - April 21, 2017
- Monolith Studio Announces Crowdsale for TokenCard, the First Debit Card Powered by Smart Contracts - April 20, 2017
- Blockchain Co. SingularDTV Recruits Hollywood VP - April 18, 2017
- Factom Closes Extended Series A Round of $8 Million Following Harmony Product Launch - April 18, 2017
- Interview with Back to Earth founder Clay Space - April 18, 2017
- Ethereum Movie Initial Coin Offering Sell Out - April 18, 2017
- Insurtech Startup Etherisc Wins “Blockchain Oscar” for Innovative Insurance Platform - April 14, 2017
- India’s Blockchain Community Launches Digital Asset and Blockchain Foundation - April 14, 2017
- UK EPSRC Supports Seven Blockchain Projects with £3.6 Million - April 14, 2017
- Dutch National Blockchain Coalition Presents Action Agenda - April 14, 2017
- Broadridge, J.P. Morgan, Northern Trust and Banco Santander Successfully Complete Pilot of for Blockchain Voting - April 14, 2017
- Blockgeeks Labs to Hold Blockchain Hackathon in Toronto - April 14, 2017
- Exscudo network EON coins are available for pre-order - April 13, 2017
- One of Big Four accounting firms is now legal adviser of Exscudo - April 12, 2017
- Dash Cryptocurrency Signs on with Kraken - April 12, 2017
- Blockchain Capital Closes ICO – $10 Million in Six Hours Raised in Record Time - April 11, 2017
- Ethereum meets Hyperledger – Burrow Ethereum Smart Contract Machine to Join Hyperledger - April 11, 2017
- Porsche Announces First Blockchain Contest - April 10, 2017
- Fidelity Labs Joins IC3 Blockchain Group - April 10, 2017
- Global Graphchain Project FERMAT Announces Distributed Governance Model Featuring Contribution Contracts - April 10, 2017
- Coinsilium and Oraclize sign MoU to form Strategic Alliance - April 10, 2017
- Industry Thought Leaders Invest With Blockchain Capital in its Ground-Breaking ICO - April 8, 2017
- Novus To Launch Innovative Blockchain Advanced File Index System - April 5, 2017
- Lykke Announces OEM Services – Lykke Accelerator - April 5, 2017
- BitHub.Africa Announces ICO Campaign to Foster Region’s Cryptocurrency Ecosystem - April 5, 2017
- SibCoin: Siberia Down, China to Go - April 4, 2017
- Groundbreaking Blockchain Research to Feature at International Financial Cryptography Conference - April 4, 2017
- Exscudo, The Nextgen Financial System, Announces ICO - April 4, 2017
- A Film by Manuel Stagars – The Blockchain And Us Video Documentary – Released in Full - April 4, 2017
- Genpact Harnesses Blockchain Technology to Transform F&A Operations to Improve Cash Flow and Enhance Customer Experience - April 4, 2017
- Blockchain Startup TaaS Partners With Exchange Platforms - April 4, 2017
- Synereo announces Qrator – The First Attention Economy App - April 4, 2017
- Blockchain Capital Releases Offering Memorandum for Its $10 Million Digital Token Offering - April 4, 2017
- Lykke Announces Availability of Blockchain Startup ChronoBank TIME Token - April 3, 2017
- Blockchain Workspace Launches Blockchain Education Company in Amsterdam, Netherlands - April 3, 2017
- Blockchain Startup SingularDTV Goes Hollywood - April 1, 2017
- Ledger Raises $7m To Accelerate Worldwide Adoption Of Security Solutions For Blockchain And Cryptocurrency Applications - March 31, 2017
- Slock.it secures $2 million seed funding to build Sharing Economy Platform - March 31, 2017
- Open Source Blockchain Project MultiChain Adds Fourteen New Partners and Enters Beta - March 30, 2017
- Tokenization in the Age of Blockchain - March 30, 2017
- European Commission Proposes Blockchain Pilot to Examine Regulatory Issues - March 30, 2017
- BitPesa has Partnered with Bitcoin Company Bitbond to Improve Access to Financing for SMEs in Africa. - March 30, 2017
- Switzerland’s SIX Securities Services Develops Blockchain-Based Bond Issuing Solution - March 30, 2017
- Beijing Officials Demand Chinese Blockchain Standards - March 30, 2017
- Spanish Bank BBVA joins Hyperledger Project - March 30, 2017
- Alibaba to Tackle Counterfeit Food in China With Blockchain - March 30, 2017
- Cosmos Announces Upcoming Token Sale to Build Internet of Blockchains - March 29, 2017