Design elements

This might sound like another future music for Blockchain, but Stocker sees it more realistically.

For him, the Blockchain provides the core elements for a network that is made for this technology. It enables a decentralized network, he says, which can include a large network of users who don’t have to rely on interaction between trusted parties.

Stocker explained that gas station users today have an “insecure” relationship with the gas station when paying with cash.

This relationship could be redefined by the Bitcoin news

“It’s about economically viable nano-transactions. It’s about secure business logic, there’s no credit risk in this form of transaction,” he said. In this way, all partners in the network will bring their own capabilities to this Bitcoin news project.

UBS, Stocker said, will focus on the customer experience as ZF explores the application of the technology in the vehicle. innogy itself is looking for answers through the connection of IoT (Internet of Things) devices and the blockchain itself.

All of this involves major challenges. For example, how a text can be converted into a smart contract that is to be made available for an entire network (a strong focus of many companies in 2017). It also addresses the question of how to comply with taxation and regulatory requirements.

Ease of use

Stocker sees the concept as more than just a new technology being developed. The most important feature behind this idea is the increased simplicity. Users can set how much an eWallet can output automatically. This saves drivers time and avoids the biggest inconveniences that can occur when driving.

“For example, the car automatically pays the toll on the way to work, saving valuable time that would otherwise be wasted in the toll authority queue,” ZF quoted in a press release.

“The driver is then informed during the journey and receives status information online on every transaction made with the Car eWallet.

Another problem that ZF wants to solve is the still confused payment system at electric charging stations.

The company points out that different charging stations prefer different payment systems, sometimes including their own recharging cards. However, the eWallet has the ability to standardize these payments, so the car automatically makes the payment when it is plugged in.

Build drive
The tests are currently being executed on a private block chain for the first time. However, Stocker points out that this could result in a larger consortium block chain.

Original equipment manufacturers (OEMs) or other automotive parts suppliers could be among the first to participate in a larger and wider blockchain, he said.

This may all sound a little too utopian, but Stocker said this is an idea whose time has come. He referred to Project Oaken, an Ethereum blockchain app to be installed in Tesla vehicles to make it easier for drivers to pay the toll.

Other current events include the acquisition of a digital payment service provider by Daimler AG, Stocker said. This shows an increased interest in such efforts in the automotive industry.

Stocker said:

“These goals are definitely on the agenda”.