ZF, UBS and IBM to Develop Blockchain-based Transaction Platform, Car eWallet

German automobile manufacturer ZF has joined forces with UBS and IBM to develop an open automotive transaction platform for mobility services based on Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology, Car eWallet.

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The developers explain that Car eWallet is a digital assistant in the car based on IBM blockchain technology which allows secure and convenient Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term even on the go. Moreover, it can also perform other tasks, like opening the trunk or doors.

“The trend toward car-sharing and future autonomous vehicles requires, now more than ever, a transaction ecosystem that everyone can use,” explains Dr. Stefan Sommer, CEO of ZF Friedrichshafen AG. “The Car eWallet technology will reduce risks and costs while dramatically improving convenience for owners and users.”

“The world of mobility is quickly evolving with self-driving vehicles, electric cars and new mobility services having quickly evolved from visionary concepts into reality. Time of great change requires transformational solutions,” said Dirk Wollschlaeger, General Manager IBM Global Automotive, Aerospace and Defense. “Together with UBS and ZF, we are engineering a new mobility platform to redefine how, when and where traditional transactions occur.”

Veronica Lange, Head of Innovation at UBS, adds: “In today's digitally connected world, no single institution works in isolation. As a leading financial services institution we pursue the development of a new platform that will transform how transactions and payments between vehicles and other machines can be done efficiently and safely.”