24 Oct 19

Your car is now a pay machine

Greyp, sister company of Rimac, has developed what it claims is the first blockchain-based, vehicle-to-machine automated payment system.

It can be used for tolls, rentals and green energy charging.

The maker of electric bikes, has partnered with slock-it, an IoT company connecting devices to the blockchain, and the Energy Web Foundation (EWF) a non-profit applying blockchain in the energy sector.

M2M payments prove popular

The company tested various proof-of-concepts and automated machine-to-machine payments proved attractive to potential users.

“We envision a network where every vehicle has a digital ‘wallet’ enabling autonomous machines to receive and create payments,” said Greyp COO, Kresimir Hlede. “This is a big step forward toward realising our vision for a sustainable, connected future.”

The system allows devices on a network to securely “sign” and verify information without human or CPU intermediary. It could be the first step towards your car becoming your payment device.

Authored by: Alison Pittaway