Commerzbank And Daimler Trucks Test Machine-to-machine Payments On Blockchain

The first use of cash on a ledger for automated M2M payment processing in co-operation with Daimler TrucksM2M. Settlement of payments as part of the pilot project involving the direct handling of charging processes of trucks. Further development steps for eMoney-based payment processing are being investigated in collaboration with industrial partners

Commerzbank And  Daimler Trucks Test Machine-to-machine Payments On Blockchain
ADVERTISEMENTSCommerzbank And  Daimler Trucks Test Machine-to-machine Payments On Blockchain
Commerzbank And  Daimler Trucks Test Machine-to-machine Payments On Blockchain
Commerzbank And  Daimler Trucks Test Machine-to-machine Payments On Blockchain

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Commerzbank – along with Daimler Trucks, has developed a blockchain-based payment solution for machine-to-machine (M2M) payments and the first fully automated payment process between an electric charging point and a Daimler truck system has taken place on a Blockchain. For this transaction, Commerzbank issued Euros on a blockchain and provided Daimler Trucks with “cash on ledger” (i.e. the money on the blockchain) to process the payment.

“After having completely digitised securities transactions in past pilot projects, the focus is now shifting to DLT-based payment structures. As a bank we see our mandate as creating new digital payment architectures for our clients”, says Stephan Müller, Divisional Board Member Transaction Banking, Commerzbank.

The pilot successfully demonstrated that both charging and subsequent payment processes can be performed fully automatically and without any human interaction. Over the short term this may lead to efficiency gains in logistic chains while also leveraging considerable potential as vehicle automation increases. The solution can also be used profitably for many further user cases in machine-to-machine communication, such as in the chemicals sector, in manufacturing or in the real estate industry.

As a result of digitalisation, machines are increasingly interconnected with each other and operating with rising degrees of autonomy. At the same time, independent communication and interaction between machines (called machine-to-machine or M2M) is happening, this also enables the settlement of mutual payments. This means that payments in automated contexts will no longer need to be triggered by human intervention. Current payment systems are not yet able to meet these requirements.

Commerzbank And  Daimler Trucks Test Machine-to-machine Payments On Blockchain

About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ citiies. He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe.  In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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Commerzbank And  Daimler Trucks Test Machine-to-machine Payments On Blockchain

Commerzbank And  Daimler Trucks Test Machine-to-machine Payments On Blockchain
Commerzbank And  Daimler Trucks Test Machine-to-machine Payments On Blockchain
Commerzbank And  Daimler Trucks Test Machine-to-machine Payments On Blockchain
Commerzbank And  Daimler Trucks Test Machine-to-machine Payments On Blockchain
Commerzbank And  Daimler Trucks Test Machine-to-machine Payments On Blockchain