- Blockchain based cars would be able to identify drivers.
- Ontology partners Diamier Mobility for blockchain based cars.
- The project is dubbed Welcome Home.
With the high-end technologies being implemented in vehicles of today, customizing payment accounts specific to driver preferences does not seem much of a complex task. Welcome Home is the latest project by Ontology and Daimler Mobility to bring the concept of blockchain based cars to partial reality.
Ecosystem lead in America for the China-based Ontology, Erick Pinos discusses enhancing car systems to include memorization of drivers profile across several cars as well as several drivers to one car. The idea is to own a digital identification (ID) that integrates across all networks facilitating logins, building entrances, paying bills as well as turning the car’s internet into a digital payment channel.
Blockchain based cars to use digital IDs and e-wallets
Embedded with a decentralized facility, the project uses a digital ID and e-wallet to accomplish routine vehicle relates tasks like parking, drive-throughs as well as travel or vehicle insurance.
Converting a regular cash dashboard into an enhanced digital payment road-rail is an idea that has been in the works for several years but did not reach far due to technological hurdles like merchant connectivity and compromised security. The obstacles are now being addressed through distributed ledgers.
Pinos explained the car based payment system will act similar to any digital payment system that is verified by a unique and reliable ID. Facilitating drivers to find, book, and pay for preferred parking spots is one of the highlighted features of this project. The service will switch on automatically upon ignition and set up the preferred options of the driver based on the built-in memory.
Digital payment system within vehicles currently worth $543 million is set to be worth $86 billion in the next 5 years as per Juniper research.
Sterling Pratz, chief executive officer of the San Francisco based Fintech startup “CarIQ” recognized the importance of data accumulation around ID authentication as opposed to actual contents of the ID.