Cars to process payments with blockchain technology

Zurich – Zurich’s major bank UBS, the US technology giant IBM and the German automotive supplier ZF are developing a blockchain technology for cars that will allow them to automatically pay for parking or electric charging.

Driverless cars will define the future of mobility. But to support fully autonomous driving, cars themselves will have to be able to carry out and authorize payments.

UBS, IBM and ZF Friedrichshafen AG are now working on a payment platform for cars based on blockchain technology. Called Car eWallet, the platform will allow cars to collect fees for services such as parking, tolls or electric charging. The technology could even lower the costs of car-sharing or delivery services.

“In today’s digitally connected world, no single institution works in isolation. As a leading financial services institution we pursue the development of a new platform that will transform how transactions and payments between vehicles and other machines can be done efficiently and safely,” Veronica Lange, Head of Innovation at UBS, said in a statement.

The partners have already won over several service providers with their technology. Both Europe’s largest parking management company APCOA as well as the American charging station supplier ChargePoint are on board.

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