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Sunday, October 17, 2021
Home News Commerzbank And Daimler Trucks Test Machine-to-machine Payments On Blockchain

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

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.

Richard Kasteleinhttps://www.the-blockchain.com
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, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. 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 software and Technology. 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+ cities.
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