Commerzbank tests blockchain payment solution with Daimler Trucks
Commerzbank is the first German bank to create a blockchain-based payment solution using the Daimler Truck Wallet for machine-to-machine (M2M) payments.
The second-largest bank in Germany issued Euros on a Corda blockchain from an electric charging point and provided Daimler Trucks with ‘cash on ledger’ – i.e. the money on the blockchain – to process the payment.
Commerzbank hopes the pilot encourages advances in other M2M processes
Current payment systems require a human to trigger the process, but this pilot demonstrated that both charging and subsequent payments can be solely automated without any human interaction.
“After having completely digitised securities transactions in past pilot projects, the focus is now shifting to distributed ledger technology (DLT) based payment structures,” says Commerzbank’s divisional board member for transaction banking, Stephan Müller.
He adds: “As a bank we see our mandate as creating new digital payment architectures for our clients.”
The Commerzbank team are hopeful the pilot will encourage advances in other such M2M processes, such as vehicle automation, and influence sectors also testing the process such as the chemical sector, manufacturing and real estate.
The system has the regulatory approval of the German Federal Financial Supervisory Authority (BaFin).
