24 September 2017
visit www.avoka.com

IBM and UBS team on blockchain payments for cars

12 September 2017  |  12248 views  |  1 ibmcarblockchain

UBS, IBM and car parts manufacturer ZF are working together to build a blockchain-based payments system that automatically collects fees for things such as parking and power charging.

The partners say that their Car eWallet will act as a digital assistant, enabling secure and convenient payments on the go. The system is likely to become increasingly useful as driverless cars become a reality, providing a way to independently authorise payments without the owner or user having to be active themselves.

Veronica Lange, head of innovation at UBS says: “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.”

In the future, the platform, provided through the IBM Cloud and driven by Hyperledger Fabric 1.0, will not only be used for parking and tolls, but also car sharing, electric charging and delivery services.

Dirk Wollschlaeger, GM, IBM Global automotive, aerospace and defence, says: "The world of mobility is quickly evolving with self-driving vehicles, electric cars and new mobility services having quickly evolved from visionary concepts into reality. Time of great change requires transformational solutions.

"Together with UBS and ZF, we are engineering a new mobility platform to redefine how, when and where traditional transactions occur."

KeywordsCLOUD

Comments: (1)

Hitesh Thakkar
Hitesh Thakkar - FIS Payments Software and Services India - India | 13 September, 2017, 15:22

Good move by UBS. Some one @UBS has taken famous comment seriously - " Banking is necessary: Banks are not ".

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

More major banks join UBS-led blockchain project

More major banks join UBS-led blockchain project

31 August 2017  |  13164 views  |  0 comments | 16 tweets | 35 linkedin
Borsa Italiana partners IBM on securities data blockchain system for SMEs

Borsa Italiana partners IBM on securities data blockchain system for SMEs

19 July 2017  |  11389 views  |  0 comments | 6 tweets | 6 linkedin
IBM, Natixis and Trafigura team on blockchain platform for oil trades

IBM, Natixis and Trafigura team on blockchain platform for oil trades

28 March 2017  |  15506 views  |  0 comments | 12 tweets | 16 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.sibos.comvisit www.temenos.comdownload the paper now

Top payments topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
13443 views comments | 28 tweets | 44 linkedin
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
9884 views comments | 13 tweets | 28 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8609 views comments | 19 tweets | 27 linkedin
SBI Ripple Asia advances on South KoreaSBI Ripple Asia advances on South Korea
8412 views comments | 16 tweets | 1 linkedin
ISO 20022: The common language of choiceISO 20022: The common language of choice
8150 views comments | 1 tweets | 2 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job