Aside from their financial aspect, cryptocurrencies have also become an excellent tool for promoting and realizing social projects. Up to now, countless ICOs that have been launched and testify to how fast a project can be realized when presented to a large community of people. They create an alliance of teamwork and an entire community of resources that can quickly bring a project to fruition and provide convincing results.
Now, this technological revolution is beginning to reach into an increasing number of economic sectors around the world. And, recently, the automotive sector has been trying to make its way into the world of digital currencies.
Improving Road Safety with Blockchain Technology
Recently, Daimler AG, the German automotive manufacturer behind the Mercedes-Benz and Smart cars, presented the idea of their own cryptocurrency based on Blockchain technology. Dubbed the MobiCoin, the digital currency was proposed by Daimler at the Mobile World Congress in Barcelona on March 5, 2018.
Launched in February of this year, the project is aimed at reducing greenhouse emissions and improving safety on the roads. In other words, the goal of the project is to reduce the carbon footprint of motorists as much as possible and to reduce the number of accidents on roadways. The currency will be used to reward positive driving habits that emphasize the environment and roadside safety. Following the announcement of the project, a three-month test phase was set in motion and during this period, 500 drivers, with good driving records, will receive Mobicoins as a reward for their positive behavior on the road.
The company will collect information about the driver’s vehicles which will then be analyzed and, in turn, will generate Mobicoins for the driver depending on their behavioral ratings. The Mobicoins will be able to be held in an account via a mobile app which can then be used to receive VIP tickets to events such as the DTM races, the Mercedes Cup Final or the Berlin Fashion Week. Still, it remains unclear whether the drivers will be able to convert their MobiCoins into fiat currency or other types of cryptocurrency.
The Blockchain and German Cars
In recent months, we have seen several big German car manufacturers rally around the idea of using Blockchain technology. Just last month, in February, another German manufacturer, BMW, announced their partnership with VeChain, a Blockchain-based supply chain. Moreover, Porshe, the high-end car manufacturer based out of Stuttgart, announced a partnership with XAIN to use Blockchain technology to improve automatic locking systems and autonomous vehicles.