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Daimler Plans to Produce Crypto Hard Wallet for Automotive Industry

Daimler’s Mercedes Benz parent company has partnered with Riddle & Code, a blockchain company, to produce a car hardware wallet.

Long term, the business alliance looks to provide solutions for self-driving vehicles and car-sharing platforms, relay traffic patterns in real-time, mesh with smart city infrastructure, and transfer accident information to the proper authorities and insurance providers.

The wallet, a manipulator-resistant piece of hardware presented at Stuttgart’s Startupautobahn, creates a vehicle cryptographic identity. It also integrates sensory data from the car and surrounding infrastructure with the vehicle’s telematic control unit (TCU) to receive, sign and certify.

This information can be used to record the performance of a vehicle and to ensure proper maintenance has been received. The wallet can be integrated into truck, luxury car and bus hardware “to make car rental and fleet management more efficient,” communications head Ben Schwarz, Riddle & Code said.

Schwarz said the pricing model was not finalized, but it would be based on hardware costs and involve a licensing model for fleet owners deploying the wallet. A model based on transactions is also being discussed.

“However, once vehicles become autonomous parties to a blockchain transactions, the marketplace is boundless,” he added.

Since the wallet synchronizes a vehicle with its surrounding environment, transactions can be made using any digitally communicating technology, including toll booths, parking spaces, and mechanics.

One day, the technology may also pay insurance providers with remittances. In fact, Schwarz went so far as to say that insurers or regulators might even “command these technologies” to keep automated data secure like the blackbox of an airplane.

“Knowing which parameters were active at the time of an accident can help provide a trustworthy solution to understanding its cause,” the company said.

Photo hardware wallet courtesy of Riddle & Code

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