Auto Giant Daimler Teams With Blockchain Startup Riddle&Code On Hardware Car Wallet

Blockchain, Innovation, News | July 23, 2019 By:

Daimler AG, the German car manufacturer famous for its Mercedes-Benz brand, has teamed with European blockchain interface company Riddle&Code to develop a hardware car wallet.

In a press release, Riddle&Code said that the hardware car wallet they are developing would enable a wide variety of use cases, including the real-time exchange of data between vehicles and smart-city environments, the operation of autonomous vehicles, and forwarding accident information to authorities and insurance providers.

“This is a prime example of a global market leader betting on European industry collaboration and DLT-based innovation,” said Alexander Koppel, CEO and co-founder of Riddle&Code. “A new generation of open mobility services will create new business models, and Riddle&Code is excited to be at the heart of it with our hardware-based car wallet. It shows an ability to continue to offer disruptive value-added services creating new marketplaces for mobility, energy and finance.”

The hardware car wallet, which is part of the the Daimler-led Mobility Blockchain Platform, is built around Riddle&Code’s Secure Element 2.0 that provides a protected blockchain identity to vehicles. Merging these with state-issued vehicle identity (e.g. registration) reportedly creates unique and secure ledger transactions.

“Autonomous cars must behave consistently to be trusted. Cars are already computing devices,” said Tom Fürstner, CTO and co-founder of Riddle&Code. “A secure identity ensures that the right authorities have approved code executed inside vehicles and the trustworthiness of data exchanged. Riddle&Code secures this with its cryptographic hardware and uses ledgers to turn automobiles into future market places.”

Daimler, a member of Linux Foundation’s Hyperledger Project, has already been using blockchain technology in other domains. Earlier this year, Mercedes-Benz Cars partnered with enterprise contract management solutions provider Icertis to develop a blockchain prototype that it claims will bring more transparency in complex supply chains.