Mercedes’ parent company, Daimler has partnered with four startups to build a mobility blockchain platform (MBP), including an European blockchain interface startup RIDDLE&CODE.
Under this partnership, the blockchain company will provide a hardware car wallet solution, in essence a digital wallet for cryptocurrency, to give the vehicle a network identity that enables it to handle transactions automatically.
The MBP is a decentralised software platform that makes it possible to offer and manage mobility as a service with end-to-end encryption. Its scope of application ranges from the customer journey on the one hand through to fully digitalised contract processing, including the financial posting of the transactions in real time, according to a media statement released by Daimler.
Giving an example, the company noted that one of the product use-case will be a one-click mobility service with fully automated customer verification and transaction processing. In this case.
Further, talking about the use cases for such a car wallet, the RIDDLE&CODE said, “in the future, if users are paying for the journey, they will certainly not want to be bothered with paying separately for all its components such as fuel, parking, tolls, let alone maintenance — the vehicles wallet will handle that for you.”
Blockchain-powered car wallet solution is said to turn the vehicle into a trusted data source and allowing it to autonomously perform secure transactions between customers, vehicles and other infrastructure, RIDDLE&CODE added.
Blockchain In India
Blockchain industry is going through a regulatory phase in India. Earlier this week, the Inter-Ministerial Committee led by Subhash Chandra Garg, secretary, Department of Economic Affairs (DEA) has recommended the finance ministry to bring a ban on cryptocurrency in India.
The committee recommendations have proposed a complete ban on cryptocurrencies in India either an asset or currency in the country; however, the committee is agnostic about exploring the idea of RBI-backed digital currencies and has welcomed the ongoing innovations happening around blockchain.
While the report is good news for those fighting against the existence and legality of cryptocurrency in India, crypto startups and enthusiasts feel it’s a direct violation of Article 19(1)(g) which gives them the fundamental right of freedom to business in any sector or trade. Many of the startup founders and stakeholders were naturally miffed with the decision, and some questioned the logic of the move in their conversations with Inc42.