Auto Giant Daimler Ag Creates Cryptocurrency To Reward Eco-Friendly Drivers

News | March 12, 2018 By:

Daimler AG, the German car manufacturer famous for its Mercedes-Benz brand, has designed a new cryptocurrency rewards program for eco-friendly drivers.

During the Mobile World Congress 2018 in Barcelona, Daimler AG presented its own cryptocurrency called MobiCoin. Based on blockchain, the new cryptocurrency was created to reward drivers for environmentally-friendly driving habits, i.e. smooth and safe driving at low speeds. The project will be in its testing phase for the next three months, during which 500 drivers who follow eco-friendly driving practices will be rewarded with MobiCoins.

The company said the vehicle data will be linked to a mobile app representing the coin wallet, and the drivers can use the coins in exchange for rewards. To avoid the possibility of accidents, they will not be able to access their score data in real-time, only after the trips. The drivers who reach a higher score can then use their MobiCoins to get VIP tickets for events such as the MercedesCup final or the Fashion Week in Berlin.

Daimler AG will be joining other German auto giants investing in blockchain technology. In February, BMW announced its partnership with VeChain, the blockchain-based supply chain enhancement platform. The aim is to create processes that are much more efficient, as well as ensuring that environmental impact is minimized as much as possible.

The same month, Porsche announced it has teamed up with Berlin-based startup XAIN to use blockchain technology in improving locking systems and the capabilities of autonomous cars.