Blockchain payments to be available on cars through IBM and UBS partnership with ZF

12 September 2017

Blockchain technology is increasingly getting beyond the boundaries of its original designation and is highly adopted by a larger number of industries as IBM and UBS are partnering with ZF to launch a payment service powered by the blockchain to enable automatic fee payment, for instance, for parking or power charging.

The cooperating companies note that their future Car eWallet will be used as a digital assistant helping securely pay on the go from the comfort of the car cabin. The new concept is expected to become very helpful as driverless vehicles are no longer a product of fiction and are getting a reality creating a way for independent payment authorization without the driver’s efforts.

Speaking for UBS, Veronica Lange, noted that in the digitally connected world there are more interconnected institutions and as a leader in the financial services industry UBS seeks to develop and launch a platform that will enable payments transformation changing the way how transactions are made between the vehicles.

The new platform based on IBM Cloud and Hyperledger Fabric 1.0 will further go far beyond payments for parking or tolls, it will also be used for car sharing, electric charging and delivery.

Dirk Wollschlaeger, speaking for IBM Global automotive, aerospace and defense, adds that while the mobility area is rapidly evolving with the vehicles becoming automatic and self-driving, mobility services enter the new era of incredible changes that require new solutions.

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