Swiss bank and German energy company team up to launch blockchain wallet for cars

According to the Huobi Blockchain Research Center, Swiss banking giant UBS Bank has partnered with German energy company Innogy and automobile manufacturing company ZF to launch a blockchain-supported car e-wallet Car eWallet, which can be used to manage electric vehicles.

According to the International Business Times, the Car eWallet will be on display at CES in Las Vegas, and it can also be used for other related payment services such as parking fees, car sharing, and paying tolls without stopping.

UBS said in a statement:

“As the Internet of Things grows, more and more devices will be able to automatically pay for services in the future. It is important for UBS to experiment and learn how to support customers in managing and authorizing payments from their devices.”

Using Car eWallet, users can quickly and easily transfer money online from their PC to a mobile app, which will be linked to their Car eWallet. They will then be able to automatically pay for services within certain limits.

Dr. Carsten Stöcker, engineer at Machine Economy Lighthouse Innogy, said:

“Technology-driven innovation in mobility and transport systems will be a key enabler of the Fourth Industrial Revolution.”

German Energy and Blockchain

Huobi Blockchain Research Center understands that the application of blockchain in the German energy industry has made great progress.

The energy industry is set to adopt blockchain technology soon, with many energy companies outlining their plans for future implementation in a November survey.

Additionally, in September German energy giant Enercity announced that its customers now have the option of paying their utility bills using the digital currency Bitcoin.

The energy industry is slowly waking up to the fact that as Bitcoin and its distributed ledger continue to gain ground in many other industries, it too is looking to take advantage of this new technology and the advantages it can offer.

Blockchain's impact on banks

Huobi Blockchain Research Center understands that blockchain is likely to affect the operation of the banking industry.

Thus, a survey conducted by IBM in September found that, based on information collected from 200 global banks, 15% of them would be running blockchain solutions by the beginning of this year.

In order to keep up with the trend and take advantage of blockchain, UBS believes that blockchain could be the “next internet,” which is why it is investing significant resources to further develop the technology, according to the Australian Financial Review.

2017 will be a great year for blockchain technology as more and more companies use blockchain and its services.