ZF, UBS and IBM collaborate on blockchain technology for automotive transactions
ZF, UBS and IBM will soon be jointly developing an open automotive transaction platform for mobility services based on blockchain technology.
Car eWallet has the potential to “radically change the way manufacturers, suppliers and service providers process digital transactions and considerably simplify the use of vehicle services”, according to UBM.
Equipped with the Car eWallet technology, the vehicle can automatically pay for transactions at the electric vehicle charging station.
Auto manufacturers, technology companies, suppliers and mobility service providers are all driving the development of driverless cars. To support autonomous driving, however, these vehicles require a digital agent that can independently carry out tasks and authorize payments without the owner or user having to be active themselves.
Car eWallet is an innovative, digital assistant in the car that allows secure and convenient payments even on the go. Moreover, it can also perform other tasks, like opening the trunk or doors.
The Car eWallet is based on the IBM Blockchain technology, which makes it possible to synchronize the information of each participant in the network in a reliable and unchangeable data record.
At the same time, it ensures that users only have access to the information that they are permitted to see and use.
This makes secure transactions almost in real time possible without needing a central instance or a reliable third party. The open automotive transaction platform for mobility-related services has the potential to radically change e-commerce between manufacturers, suppliers, service providers and customers.
“The trend toward car-sharing and future autonomous vehicles requires, now more than ever, a transaction ecosystem that everyone can use,” said Dr. Stefan Sommer, CEO of ZF Friedrichshafen AG.
“The Car eWallet technology will reduce risks and costs while dramatically improving convenience for owners and users.”
The platform is built on IBM Blockchain technology, which is provided through the IBM Cloud and driven by Hyperledger Fabric 1.0, a blockchain framework and one of the Hyperledger projects hosted by the Linux Foundation.
With this public cloud service platform the partners 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.
“The world of mobility is quickly evolving with self-driving vehicles, electric cars and new mobility services having quickly evolved from visionary concepts into reality. Time of great change requires transformational solutions,” said Dirk Wollschlaeger, General Manager IBM Global Automotive, Aerospace and Defense.
“Together with UBS and ZF, we are engineering a new mobility platform to redefine how, when and where traditional transactions occur.”
Veronica Lange, Head of Innovation at UBS, said: “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.”
The Ultimate Procurement & Supply Chain Event
Global eProcurement leader JAGGAER has been announced as the latest sponsor for Procurement & Supply Chain Live.
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How to Attend
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That means you and your peers can attend the event in person or virtually ─ with no disadvantages for people who choose not to make the trip to the Tobacco Dock venue.
Procurement & Supply Chain LIVE will be held at the Tobacco Dock in London, an industry-leading venue that is renowned for delivering world-class events. For attendees’ peace of mind, the venue is working to the government-endorsed AEV All Secure Framework, alongside mia’s AIM Secure and ‘Good to Go’ accreditation, they will ensure that we achieve a COVID-secure environment to facilitate all of your networking needs.
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New Speakers for Procurement & Supply Chain Live
VP Global Procurement/CPO at Thermo Fisher Scientific
Shanahan is Vice President, Global Procurement/CPO for Thermo Fisher Scientific in Waltham, MA. He joined the company to lead efforts in leveraging scale in the marketplace, develop capability and processes across the company, while transforming the supply base. He co-authored the Procurement Leaders Handbook, and holds a Master’s in Business Administration from Open University in the United Kingdom.
Chief Procurement Officer at Walgreens Boots Alliance
Townsend leads Walgreens procurement (Goods and Services Not For Resale). Prior to joining Walgreens Boots Alliance, he worked for Anglo American and General Electric also within commercial procurement. He has worked overseas extensively, in both manufacturing and retail environments. He holds an MBA in Strategic Procurement from the University of Birmingham, UK and a Bachelor’s Degree in Mechanical Engineering.
CPO at University of Massachusetts
Cho is Chief Procurement Officer for the University of Massachusetts, Unified Procurement Services Team (UPST), comprising strategic sourcing, contracts, supplier management, procurement operations, accounts payable, travel services, and customer service that provide quality service to the UMass system. Cho has 25-plus years of strategy and operations management consulting and industry experience. He was formerly Global Head of Sourcing and Vendor Management at BlackRock.
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