Tech giant IBM has partnered with Swiss investment bank UBS and German car parts manufacturer ZF Friedrichshafen to build a blockchain-based payments system for the automotive industry.

The open automotive transaction platform, dubbed Car eWallet, will act as a digital assistant, enabling secure and convenient payments on the go. It can also perform other tasks such as opening the trunk or doors.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The platform is built on IBM Blockchain technology, which will prevent the need for a third-party vendor or central computing hub to process transactions and commands.

The partners also revealed that they intend to build a secure blockchain network that can collect fees for parking, toll, as well as future use cases such as car-sharing, energy provisioning to the power system or delivery services.

ZF Friedrichshafen CEO Stefan Sommer said: “The trend toward car-sharing and future autonomous vehicles requires, now more than ever, a transaction ecosystem that everyone can use. The Car eWallet technology will reduce risks and costs while dramatically improving convenience for owners and users.”

IBM Global general manager for automotive, aerospace and defense Dirk Wollschlaeger said: “Time of great change requires transformational solutions. Together with UBS and ZF, we are engineering a new mobility platform to redefine how, when and where traditional transactions occur.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

UBS head of innovation Veronica Lange added: “In today’s digitally connected world, no single institution works in isolation. As a leading financial services institution we pursue the development of a new platform that will transform how transactions and payments between vehicles and other machines can be done efficiently and safely.”