Daimler and RIDDLE&CODE partner to launch a hardware car wallet

Daimler, RIDDLE&CODE partner to launch a hardware car wallet

A premium Automobile manufacture, Daimler has launched a hardware car wallet, which will be powered by Europe’s blockchain interface company, RIDDLE&CODE. The car wallet was a part of the successful completion of round 6 funding of Autobahn program, one of Daimler’s startup companies.

According to RIDDLE&CODE, the wallet is built on Element 2.0, which is based on blockchain technology. The cryptographic hardware will do this by securing the vehicles identity. This, in turn, will ensure that only authorized individuals gain access to the vehicle. In addition, the technology will ensure all personal data is securely exchanged between vehicles.

In a post on their site the company stated:

In the not-too-distant future, millions of (autonomous) vehicles and networked sensors will be communicating with each other, to exchange information about vehicle status, use of charging points, parking spaces, and roads as well as any repair orders – and to automatically protocol this and pay for it by micropayment. As, because each block is no more than a cluster of bits, conditions can be embedded directly within the transactions. These are known as ‘smart contracts’.

In further explaining the benefits of the wallets, Alexander Koppel, CEO and co-founder of RIDDLE&CODE, said:

This is a prime example of a global market leader betting on European industry collaboration and DLT-based innovation. A new generation of open mobility services will create new business models, and RIDDLE&CODE is excited to be at the heart of it with our hardware-based car wallet…It shows an ability to continue to offer disruptive value-added services creating new marketplaces for mobility, energy, and finance.

Some of the other expected use cases from the car wallets are car-sharing, traffic control, and also curbing of car accidents. Daimler interaction with blockchain solutions is expected to improve the mobility sector in many different ways.

The partnership between Daimler and RIDDLE&CODE also led to the formation of a Mobility Blockchain Platform (MBP) for mobility services. The platform has drawn in many companies that want to make use of the technology. For instance, Blockchain Helix is joining the platform for a human digital identity solution. Evan.Network has used the platform, while 51 Nodes is also using the same platform for smart contracts.

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