Blockchain Wallets are (soon maybe) stuck in our cars

It is no secret that cars are becoming better and better networked. A new concept has now been presented by a trio of three big players. The institutions continue to drive today’s futuristic ideas with a new Blokchain prototype. Our means of transport are to be brought to a completely new level by automatic payment systems.

Bitcoin secret: An Ethereum Wallet for every car?

This vision is brought to life by a new Bitcoin secret blockchain project called Car eWallet. The project is a merger of the German automotive parts supplier ZF Friedrichshafen, the innogy Innovation Hub (a subsidiary of the RWE Group) and the Swiss bank UBS according to onlinebetrug.

Car eWallet was announced at the beginning of the month and provides an advanced network for electric cars. In this network, cars pay by machine-to-machine transactions for tolls, parking spaces and electric charging – all with a blockchain network as the basic structure.

As already announced by Decentralized Technology Lead Carsten Stocker at the Consumer Electronics Show (CES) earlier this month, the idea is an association of several ideas to facilitate the development of vehicle networks.

It begins, Stocker said, with the vehicle itself.

He explained CoinDesk:

„It is an autonomous vehicle. The vehicles can make their own decisions about where they charge, what kind of leasing and what kind of service is used. The idea is that they interact independently with the services.“

The Car eWallet would be embedded in the vehicle’s electrical control unit and linked to a private blockchain. The wallet would then be charged by computer or smartphone app. This would then make transactions between different users possible.

Nodes would be used in charging stations. They set up the network and secure it.

The companies explained that in addition to parking and recharging, such wallets could be used for carsharing companies in the future.