Mercedes manufacturer will create a hardware crypto-wallet for cars

German car concern Daimler AG, which owns the Mercedes Benz trademark, has started to cooperate with the company Riddle & Code in order to create a hardware wallet for cars based on blockchain technology.

The development of the company will enable the creation of cryptographic vehicle identifiers and their equipping with telematics command modules, which will enable them to receive, sign and evaluate information from sensors located on the vehicles themselves and in their environment.

This information can then be used to record the vehicle's performance and ensure that it is serviced on time. The wallet can be integrated into trucks, luxury cars and buses to "improve rental efficiency and fleet management".

"As soon as the cars become autonomous participants of blockchain transactions, a boundless market will open," said Ben Schwartz, head of communications at Riddle & Code.

In the future, the technology may be used in settlements with insurance companies. Schwartz assumes that the presence of such a purse in the car may become a mandatory requirement of regulators or insurers in the future.

"Knowing what parameters were active at the time of the accident, we will get a credible confirmation of its causes," the company said.

Last March, Daimler announced plans to release its own digital currency to encourage drivers to drive green.