Daimler Will Produce Crypto Hardware Wallet for Automotive Industry

As per the latest reports, Daimler, the parent company of Mercedes Benz, has entered into a partnership with Riddle & Code, a blockchain company. The collaboration is done so that a crypto hardware wallet can be produced for the automotive industry. The wallet was introduced at Startup Autobahn, Stuttgart.

This hardware wallet will be tamper-resistant, and it will create a distinct cryptographic identification for the vehicles. Moreover, the wallet will also integrate with the TCU (telematic control unit) of the vehicle to sign, receive, as well as attest to the sensory data from both the vehicle and the surrounding infrastructure. These pieces of information can prove useful while recording the performance of the vehicle and ensuring that it has received adequate maintenance.

According to Ben Schwarz, communications head at Riddle & Code, this hardware wallet can easily be integrated into the luxury cars, buses, and trucks’ hardware in order to make fleet management and car rentals much more efficient. Schwarz also revealed that they are yet to finalize the pricing model, though it will be on the basis of hardware costs. Additionally, there will be licensing models for all the fleet owners deploying the wallet. The teams are also discussing the transaction-based model. Continuing further, he added that once the vehicles go on to become autonomous sets to the blockchain transactions, there will be a limitless marketplace.

The important feature of the wallet is, it can sync the vehicles with their surrounding environment hassle-freely. That makes it possible to carry out the transaction with a variety of digitally communicative technologies, such as parking spaces, mechanics, and toll booths.

In the long term, the partnership intends to offer solutions for car-sharing platforms, self-driving vehicles, coordinate with the smart city infrastructure, relay the real-time traffic patterns, and transfer information of accident to the concerned authorities along with the insurance providers. The technology might be used to make payments to the insurance providers one day, hopes Schwarz. The company, in its statement, also said that knowing about the active parameters when the accident took place could help come up with a reliable solution to grasping its cause.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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