Germany’s Commerzbank is involved in a project that automates payments for recycling office documents using DLT. It has been working with data shredding firm Rhenus Data Office on a project that combines internet of things (IoT) sensors with blockchain.
Sensors attached to recycling bins alert Rhenus to collect the bins, thereby preventing avoiding wasted trips to collect half filled containers. Smart contracts check that the bin contents have been recycled, and if all the requirements are met, the payment is made. With a shared ledger, all the involved parties can see the level of recycling and transactions.
“In addition to the fully automated collection thanks to IoT sensor technology, the Rhenus Group now covers the direct debit collection command completely digitally with the aid of the Commerzbank payment solution.” said Dr. Stephan Peters, a Member of the Board of Rhenus Group. “We expect that the time-consuming examination of invoices and the monitoring of incoming and outgoing payments will be a thing of the past.”
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