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Daimler works with Riddle&Code to secure DLT hardware wallet

(c)iStock.com/tuncaycetin

Austrian blockchain firm Riddle&Code has announced details and context of its DLT hardware wallet that is powering a Daimler Financial Services-led consortium to provide an open car wallet solution.

Alexander Koppel, CEO and co-founder, Riddle&Code, said: “This is a prime example of a global market leader betting on European industry collaboration and DLT-based innovation. 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.”

Car wallets allow a wide range of use cases from car-sharing to autonomous vehicles (below). The real-time exchange of secure traffic data between vehicles and smart city environments helps in reducing congestion and lowering insurance premiums. Moreover, the blockchain-certified data can also be used in cases of accidents.

In a 2018 interview with The Block, Koppel talked about his company’s vision and the concept of ‘machine identity’. He said: “IoT is already a growing sector with more and more devices being connected to the internet all the time. However, connected devices, their owners, the data they transmit and the servers which store collected data are open to the cyberattacks.

“All of these concerns can be addressed with blockchain technology that creates immutable and transparent records of transactions that occur between two nodes on the network and these records are simultaneously updated across the entire network for everyone to see,” he added.

In October, the automotive industry saw the sector’s first ever blockchain-powered ad campaign led by Toyota, along with blockchain advertising analytics company Lucidity, and international ad firm Saatchi & Saatchi. The main purpose of this collaboration was to introduce transparency into Toyota’s digital ad campaign buy, removing wasted spend.

Main picture credit: Riddle&Code

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