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Tech giants, Daimler and Riddle & Code have partnered to manufacture hardware wallets for automobiles. The business alliance will see vehicles becoming autonomous parties to blockchain transactions, hence making the marketplace boundless.
Daimler, a parent company to Mercedes Benz, has finalized a partnership with blockchain company Riddle & Code to design a hardware wallet for automobiles.
In future, the business collaboration anticipates offering remedy for car-sharing platforms and self-driving vehicles, mesh with smart city infrastructure, relay traffic patterns in real-time, and transmit accident data to the correct insurance providers and authorities.
The wallet, a tamper-resistant piece of hardware that was displayed at Startupautobahn, Stuttgart, constructs a cryptographic recognition for vehicles. It also operates with the Telematic Control Unit (TCU) of the vehicle to receive, sign, and attest to sensory statistics from the vehicle and nearby infrastructure.
Installation of the Wallet into the Vehicles’ Hardware
This information can be relied on to record the performance of the vehicle and ensure it received quality maintenance. According to Riddle & Code head of communications, Ben Schwarz, the wallets can be installed into the hardware of buses, luxury cars, and trucks “to make car rental and fleet management more efficient.”
Ben confirmed that the pricing model is still under negotiation, but will be evaluated on hardware costs and include a licensing strategy for fleet owners who station the wallet. A transaction-based model is also under negotiation.
The head of communications is very optimistic about the futures market. He said:
“However, once vehicles become autonomous parties to blockchain transactions, the marketplace is boundless.”
Since the wallet syncs a car with its neighboring environment, payments can be completed with any digital technology such as mechanics, parking spaces, and toll booths. However, the reliable disruptive emerging marketplaces will generate from data.
Furthermore, instead of manual payments, in the future, technology may pay remittances to insurance providers. To drive points home, Schwarz went ahead to indicate that regulators or insurers may even control these technologies to safeguard automotive data like BlackBox in airplanes. The company said:
“Knowing which parameters were active at the time of an accident can help provide a trustworthy solution to understanding its cause.”
Daimler is an automotive firm that manufactures commercial vehicles and cars with an international appeal. With its divisions, Daimler Financial Services, Daimler Buses, Mercedes-Benz Vans, Daimler Trucks, Mercedes-Benz Cars, Daimler Group is one of the leading designers of premium vehicles and the globe’s largest manufacturers of commercial vehicles with an international appeal.
Carl Benz and Gottlieb Daimler, the company’s founders, made history in 1886 with the invention of the automobile. As a brain behind automotive engineering, Daimler continues to revolutionize the future of mobility today. The company concentrates mostly on green and innovative technologies plus secure and superior automobiles that fascinate and appeal. The firm, as a result, invests in the creation of optional drive trains with long term objective of emission-free driving: from hybrid cars to electric cars powered by fuel or battery cell.