Mercedes is launching their own CryptoCurrency: MobiCOIN

Credit: Mercedes Benz

Credit: Mercedes Benz

The automotive industry is ripe for disruption. From electric cars to autonomous driving, it is evident that is already being disrupted in a high degree. Blockchain Technology is the latest addition to the disrupting forces, with automotive giants announcing initiatives like the TOYOTA  Blockchain Ecosystem that we covered last month and the recent BMW and VeChain partnership announcement.

Mercedes-Benz maker Daimler presented the MobiCOIN project at the Mobile World Congress 2018. The virtual currency will be awarded to those who care about eco-driving. The new coin is designed to reward drivers who drive safely and smoothly at low speed. The pilot started in February and is scheduled to run for three months, with 500 Mercedes drivers involved in the experimental phase. They can win MobiCOINs by reaching a high “environmental score,” which would take into account things such as smooth acceleration and braking. More on this blog by Nina, one of the 500 test drivers of the program.

The vehicle data will be linked to a mobile app representing the coin wallet, and the drivers can use the coins in exchange for rewards. To avoid the possibility of accidents, they will not be able to access their score data in real-time, only after the trips. The drivers who reach a higher score can then use their MobiCOINs to get VIP tickets for events such as the MercedesCup final or the Fashion Week in Berlin.

The technology can act to transform mobility, according to Jonas Von Malottki, a blockchain expert from Daimler’s IT team. “The blockchain, with its decentralized architecture, will open business models and multiply the possibilities of collaboration between big and small players,” he said.

Bogdan Maslea