Commerzbank — Frankfurt bank and financial services firm— has accessed the Daimler Truck system and tested machine to machine payments that are based on blockchain.
The bank has managed to test the transactions that occur between the Daimler truck system and an electronic charging point’s payments exchange and settlement without any human intervention According to the Aug. 8 Commerzbank press release.
In that perspective, the euros used on the pilot blockchain-based project was tokenized by the bank to facilitate transactions so that the automaker— that is associated with the Mercedes-Benz auto brand— can easily process payments.
Enhancing supply chain efficiency
According to the press release, the system will enable a greater degree of autonomy in the operation of the next generation machinery.
Stephan Müller —Commerzbank’s transaction banking divisional board member — has explained that there will be an increase in supply chain efficiency when the machines are able to perform mutual payments.
He made the following statements:
“After having completely digitised securities transactions in past pilot projects, the focus is now shifting to DLT-based payment structures. […] As a bank we see our mandate as creating new digital payment architectures for our clients.”
Daimler registered annual revenue of $186.9 billion while Commerzbank had $10.2 billion according to Owler.
In much-related news, Daimer made an open car hardware wallet solution possible through partnering with Riddle & Code — a European blockchain interface solutions startup— in July.