Commerzbank AG, a major German bank with headquarters in Frankfurt, has announced the creation of a new blockchain payment system that works machine-to-machine, and allows automated vehicles to pay for their charging, without any need for human interference.
The project was developed by Commerzbank along with its Incubator Research and Development Division and also Daimler Trucks. Called the “Concrete Pilot Project”, the new system “deals with fully automated payment processing of charges between a tank charging station for electricity and a lorry system.”
The announcement says that the system has been tested and works. The testing saw Commerzbank loading Euros to the system and sending said funds to Daimler Trucks, to settle payments. However, even though the announcement doesn’t exactly include specific details on how the system works, the bank notes that the system is very stable and completely automated, adding that traditional systems are not yet able to handle things in this way.
A Divisional Board Member of Transaction Banking at the German banking giant, Stephan Müller, has said that the bank has fully set its eyes on improving several types of payments using blockchain.
“Following the recent digitization of securities transactions and the use of blockchain technology, we are now focusing on DLT-based payment structures. As a bank, we naturally also see our mission as creating new digital payment architectures for our customers.
Commerzabnk notes that the system will increase efficiency with logistics, improve potential to do more and also increase the use of automated vehicles. Other use cases suggested for the new blockchain system include real estate.