Daimler Unveils Plans for In-Car Cryptocurrency Wallet

Daimler Mercedes-Benz Riddle & Code cryptocurrency wallet blockchain

Global car manufacturer Daimler has announced plans for a new cryptocurrency wallet aimed at the automotive industry, which will help the cars of tomorrow access a range of new technologies and features.

The parent company of Mercedes-Benz, Daimler has teamed up with blockchain development firm Riddle & Code to develop the hardware wallet, which will be integrated within its vehicles.

According to reports, the firm is eyeing a long-term view with the technology, which could see its cars integrate with self-driving and car-sharing platforms, as well as sharing data about traffic patterns and syncing up to wider smart-city technologies.

The wallet is designed to be tamper-resistant, and will assign each vehicle a unique cryptographic identity, which can be used to send, receive and verify data from surrounding infrastructure as it moves.

According to a spokesperson for the company, the wallets will also help commercial vehicles and fleet management, by recording the performance, condition and maintenance of vehicles in which it is installed.

Ben Schwarz, head of communication at Riddle & Code, said that while the pricing model for the technology was still being established, it had the ability to provide access to a huge marketplace for in-car apps, transactions and technologies.

“Once vehicles become autonomous parties to blockchain transactions, the marketplace is boundless.”

While the technology will enable automated payments, including for things like parking, road tolls and even mechanics and repair bills, the companies consider the data to be the most valuable asset.

According to Schwarz, the technology could even be mandated by insurance providers and regulators in future, which would provide secure data similar to the black box in aviation for investigating claims and accidents.

“Knowing which parameters were active at the time of an accident can help provide a trustworthy solution to understanding its cause.”

The technology is the latest example of cryptocurrency wallets and transactions being applied to real-world applications beyond the payments use case.

By using the cryptocurrency wallet as a bridge to blockchain, the technology could open multiple new avenues to leveraging distributed ledger technology, providing both companies and consumers with more connected, intelligent vehicles.