German automobile manufacturer ZF has joined forces with UBS and IBM to develop an open automotive transaction platform for mobility services based on blockchain technology, Car eWallet.
The developers explain that Car eWallet is a digital assistant in the car based on IBM blockchain technology which allows secure and convenient payments even on the go. Moreover, it can also perform other tasks, like opening the trunk or doors.
Dr. Stefan Sommer, ZF CEO
“The trend toward car-sharing and future autonomous vehicles requires, now more than ever, a transaction ecosystem that everyone can use,” explains Dr. Stefan Sommer, CEO of ZF Friedrichshafen AG. “The Car eWallet technology will reduce risks and costs while dramatically improving convenience for owners and users.”
“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,” said Dirk Wollschlaeger, General Manager IBM Global Automotive, Aerospace and Defense. “Together with UBS and ZF, we are engineering a new mobility platform to redefine how, when and where traditional transactions occur.”
Veronica Lange, Head of Innovation at UBS, adds: “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.”