A new partnership in the blockchain sector is on the way, showing that the Frankfurt bank and financial services firm Commerzbank tests a new blockchain-based machine to machine payments with trucks produced by the firm behind the Mercedes-Benz auto brand, Daimler.
The latest cryptocurrency news feature a Commerzbank press release published on August 8, in which the bank shows that it tested the exchange and settlement of payments between the electronic charging point and a Daimler truck system – without the presence of humans. To allow the blockchain transaction, Commerzbank tests tokenizing euros on the blockchain used in the pilot – which is why and how it provided the funds to the automaker to process the payments.
This new partnership definitely paints a picture of a more efficient supply chain that includes blockchain. While Commerzbank tests new machine to machine payments, Daimler is proving that it is interested in the technology behind Bitcoin.
“In times of digitization, machines are becoming increasingly interconnected and increasingly autonomous. This is accompanied by an independent communication and interaction of the machines (so-called machine-to-machine or M2M), which also makes the settlement of mutual payments required. In detail, this means that in automated contexts in future no payment triggering by a human actor is required, but fully automated. Current payment systems can not yet map such a fully automated payment process,” the press release notes (translated).
According to the divisional board member transaction banking, Stephan Muller, allowing machines to perform mutual payments is among the first Commerzbank tests and the logical next step in increasing the supply chain efficiency. His statement was featured in the blockchain and altcoin news where he said:
“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.”
According to official statistics, the revenue of Commerzbank annually is more than $10.2 billion while Daimler’s is $186.9 billion.
In related news from July this year shared on many best cryptocurrency news sites, we saw that Daimler also partnered with the European blockchain interface solutions startup Riddle & Code to provide an open car hardware wallet solution.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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