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Commerzbank Tests Blockchain-Based Payments For Machine-To-Machine Transactions

By Benzinga
FinTech, Blockchain

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. “In the transaction, Commerzbank first brought in euros on the blockchain and then provided the so-called “cash on ledger,” i.e. the money on the blockchain, to Daimler Trucks for the settlement of the payment transactions,” said the bank in its statement.

Read more at Benzinga.

Photo: © Commerzbank AG / CC-BY-SA 3.0 (DE)

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