Commerzbank rolls out automated truck blockchain payment system

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The world is getting closer and closer to a technological revolution, made possible through automation and blockchain technology. That was proven even more so after an August 8 announcement from Commerzbank, a German banking firm, who’s developed a system for automated electric trucks to pay for their own re-charging.

The firm worked on the “concrete pilot project,” in cooperation with Daimler Trucks, and celebrated it as a system that “deals with fully automated payment processing of charges between a tank charging station for electricity and a lorry system.”

This “concrete pilot” indicates that its not just a great idea in theory, they’ve already tested it and proved that it works. Using euros, they put it through its paces by having a truck charge its batteries, send payment, and have the station receive that payment.

The bank celebrated the system as a huge leap forward, stating, “Current payment systems can not yet map such a fully automated payment process.”

Stephan Müller, divisional board member of transaction banking at Commerzbank, noted that this is just a small part of his firms focus on blockchain innovation:

Following the recent digitization of securities transactions and the use of blockchain technology, we are now focusing on DLT-based payment structures. As a bank, we naturally also see our mission as creating new digital payment architectures for our customers.

There isn’t much detail about how their blockchain works and it’s unclear if this will work with an end to end system. What we know for sure though is that this is a perfect example of where the Bitcoin SV (BSV) blockchain’s massive scaling and data ledger capabilities can be leveraged for a wider, more comprehensive system.

As truck automation is still in its early stages, and developers are figuring out each step as they go, from driving, to safety, to payments, each one works just fine on as smaller blockchain. But as this is a system that’s destined to be needed by the whole world, it only makes sense that it be done on a public blockchain, and BSV is the only one that will scale massively enough to do that.

Furthermore, as Unwriter has recently proven with his innovation BOB, the BSV OP_RETURN system could be leveraged to help send useable coded signals to operating systems. So in theory, BSV is also the only blockchain that can provide the necessary control and adaptability over the next wave of transportation.