IBM and UBS team on blockchain payments for cars

IBM and UBS team on blockchain payments for cars

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."

Comments: (1)

Hitesh Thakkar
Hitesh Thakkar - SME - Fintech startups (APAC and Africa) - India 13 September, 2017, 15:22Be the first to give this comment the thumbs up 0 likes

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