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German banking giant Commerzbank has announced that it is exploring blockchain-based machine-to-machine (M2M) payment solution, which would automate the process and remove the need for human interference.
In its press release dated August 08, the bank said that a fully automated payment transaction was executed between an electric charging point and a Daimler truck system. For the transaction, Commerzbank issued Euros on a blockchain and provided Daimler Trucks with “cash on ledger” to process the payment.
Commerzbank has been actively exploring blockchain technology has successfully completed a number of blockchain trials including legally binding settlement of a repo transaction, processing of a money market security, international trade transaction, and others.
“After having completely digitised securities transactions in past pilot projects, the focus is now shifting to DLT-based payment structures. As a bank we see our mandate as creating new digital payment architectures for our clients”, says Stephan Müller, Divisional Board Member Transaction Banking, Commerzbank.
The bank said that the pilot demonstrated how blockchain technology can eliminate the need for human interaction and fully automate both charging and subsequent payment processes. This, in turn, can lead to significant efficiency gains in logistics chains, which could further amplify as vehicle automation increases.
Commerzbank said that it is already looking into further development steps for eMoney-based payment processing in collaboration with industrial partners.
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