5 Major Automakers Working Over Blockchain Solution to Simplify Fees and Tolls Payments

Libra Coin News
Mon, 10/14/2019 - 10:54
Denis Sinyavskiy
Thanks to the blockchain system developed by Honda, BMW, Renault, General Motors and Ford Motor, drivers will be able to pay parking fees and tolls without using cash
Cover image via www.123rf.com

Thanks to the efforts of the 5 largest car manufacturers, in the coming months, drivers will be able to pay parking fees, as well as highway tolls using the blockchain-based identification system, reports Nikkei Asian Review.

Five giants of the automobile industry are working on the project at once:

  1. BMW;

  2. Honda;

  3. Renault;

  4. GM;

  5. Ford Motor.

Blockchain to simplify the driving

The launch of field trials of the ID system is scheduled for November 2019. The system will eliminate the use of cash or cards. Each car gets its own ID with detailed information about it. The vehicle will be recognized automatically on the road, which will allow the driver to pay fees without using special tags.

A similar system is already used for electric cars. Each time you connect for charging, detailed trip information is transmitted using a blockchain-based system. Also, all parking fees and tolls are automatically paid.

Cryptocurrency to come?

In addition, GM and Honda are working on cryptocurrency services. It’s not yet clear where this will lead, but, perhaps, drivers will be able to receive compensation in the crypto for useful actions.

About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.