Japanese card provider JCB announced a new micropayments solution developed in conjunction with enterprise blockchain startup Keychain. The solution targets machine to machine (M2M) payments for 5G and IoT projects. The project is still at the technical verification stage, with plans to test it this year and go into production in 2022.
One of the most common M2M applications is road tolls, where a car wallet can communicate automatically and make the payment without human intervention.
Outside of the MOBI alliance and cryptocurrencies, many ideas for using blockchain and smart contracts to automate M2M payments are theoretical. Hence the project aims to clarify some of the challenges through testing.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
