Daimler Trucks and Commerzbank have run a pilot to use the Daimler Truck Wallet to make payments with e-euros from Commerzbank. Once the e-euros are used for payments, the recipient can request Commerzbank to convert the digital cash back to its bank account. The system has the regulatory approval of the German Federal Financial Supervisory Authority (BaFin).
Commerzbank’s payments use the Corda blockchain, the same technology that the bank has used for many of its blockchain pilots. The latest test did not use an actual truck.
Daimler envisages several applications. Top of the list is for fuel payments. Dr Helge Königs, head of the Truck Wallet project at Daimler Trucks elaborated on how it can prevent fraud. “This renders it practically impossible to carry out such things as fuel card scams whereby criminals copy a fuel card and spy on the PIN number being entered,” he said.
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Image Copyright: Daimler Trucks
