Commerzbank tests blockchain-based payments for machine-to-machine transactions

Major German bank Commerzbank announced that it has developed a blockchain-based payment solution that specifically automates machine-to-machine (M2M) payment processes. This pilot project is in collaboration with Daimler Trucks, with this M2M payment part of the test for the direct handling of charging operations of electrically powered trucks.

The automated payment pilot involves the transaction process between an electric truck and the charging station it docks at for its electricity needs…

However, as technology proliferates within the cab, it is critical to understand the threats that are associated with vehicles being connected in real-time to the cloud. One of the greatest concerns is hacking, a real possibility as connected vehicles can be vulnerable to external data hijacking if their firewall defenses are not strong enough.