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Daimler AG Will Reward Eco-Friendly Drivers With Crypto Coin

Auto Giant Launches Eco-Focused Crypto Coin

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Daimler AG, which is based in Germany, have recently launched MobiCoin, which is a blockchain cryptocurrency. The auto company, which is behind the Smart and Mercedes Benz brands, made the announcement at the Mobile World Congress 2018, which took place in Barcelona.

The Aim of the Project

This project was first proposed in February 2018. It is aimed at encouraging eco-friendly practices amongst drivers who use the company’s cars. In essence, this new coin will reward drivers who engage in smooth and safe driving at a low speed. For the next three months, this project will be in the testing phase. At first, only a small pool of 500 drivers will be enrolled in the program. These drivers will be rewarded with MobiCoins for practices that are considered friendly to the environment.

For the reward program to work, data will be transmitted from the cars to Daimler. Depending on the data presented, it will be converted into MobiCoins. These coins will then be transmitted to the owner’s mobile app. When a customer gets a lot of MobiCoins, he or she will be eligible for various perks. For instance, the customer will get VIP access to events such as DTM Races, fashion week in Berlin, or the Mercedes Cup Final. One thing that remains unclear is whether these MobiCoins can be converted into other crypto or even fiat.

Auto Giants in Germany Are Embracing Blockchain

This recent development from Daimler AG is in line with similar moves from auto giants in Germany. Various other firms such as BMW and Porsche already have partnerships with blockchain-based companies.

BMW have partnered with VeChain, which is a supply chain enhancement platform that utilizes the blockchain. The CEO of the VeChain, Sunny Lu, recently confirmed the partnership. The rumors of this partnership had been doing rounds in the world of crypto for months. VeChain rebranded itself to VeChain Thor, which has proven successful for other projects.

Another recent announcement was that of Porsche on its utilization of blockchain. The company envisages various applications for the blockchain, including opening and locking doors via an app. It may also use the technology for improving the safety and capabilities of driverless vehicles. The financial strategist of Porsche is quite enthusiastic about the possibilities of blockchain. Mr. Oliver Döring said,

We can use Blockchain to transfer data more quickly and securely, giving our customers more peace of mind in the future, whether they are charging, parking, or need to give a third party, such as a parcel delivery agent, temporary access to the vehicle.

Volkswagen also believes in blockchain. Its Chief Digital Officer, Johann Jungwirth, recently became a member of the IOTA Foundation supervisory board. This is a blockchain-based non-profit focused on the Internet of Things.

Image Credit: Deposit Photos

What do you think about the announcement by Daimler AG and other auto giants in Germany? Leave us your thoughts in the comments section below.

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