Ford Working on Car-To-Car Crypto Payments

The American car manufacturer envisions a world where drivers in a hurry would be able to pay their way out of congestion.

Ford car

It is not like German car makers are the only ones looking to put blockchain to good use; American car manufacturer Ford is also exploring how it could use decentralized computing to its advantage.

Quite the contrary, Ford has even filed for a patent that envisions an apparatus for vehicle-to-vehicle communication, with cryptocurrency serving as a mean to help drivers get out of congestion.

Cooperatively Managed Merge and Pass

According to Ford, traffic congestion is caused when reduced traffic flow “is compounded due to the psychology of human drivers who focus on their individual travel time preferences.” And so it has come up with the solution that works around these individuals preferences, called the “Cooperatively Managed Merge and Pass (CMMP)” system.

Said system would work in concert with the vehicle’s built-in Cooperative Adaptive Cruise Control (CACC) to communicate with other cars and facilitate transactions in CMMP tokens. This process would work through a smart contract, letting drivers who are not in a hurry trade their place with those who are, for instance, late for a meeting in exchange for CMMP tokens.

As a result, those not in a hurry would occupy slower lanes of traffic, allowing other cars to “merge into their own lane and pass as necessary” as a way to marshall traffic. For their efforts, they would receive tokens from other participating vehicles.

From the patent filing:

The CMMP system operates with individual token-based transactions, where the merchant vehicles and the consumers’ vehicles agree to trade units of cryptocurrency (sometimes referred to as ‘CMMP tokens’). The CMMP tokens are used to validate and authorize a transaction in which, at consumer vehicles’ request, the merchant vehicles either occupy slower lanes of traffic themselves, or allow the consumer vehicle to merge into their own lane and pass as necessary.

Ford adds this could produce not one but series of transactions, with other vehicles paying those willing to move per 10 second “slots.”

For example, a driver of a consumer vehicle which is running late for an appointment may request to pass any participating merchant vehicles for a duration of 10 minutes on a particular road or highway for 60 CMMP tokens, at a rate of 10 seconds preferential access per token.

German car makers are looking at blockchain, too

As we have reported before, German car manufacturers are also eyeing for blockchain technologies. One of them, Daimler AG — which is the parent company of Mercedes-Benz — unveiled its blockchain-based digital currency to reward environmentally friendly driving with coins that could be redeemed for VIP events.

Porsche and BMW have their initiatives as well, while Volkswagen is reportedly working with the IOTA Foundation.

All in all, the smart driving future looks bright, and it has a lot with blockchain. So do stay tuned to Wallet Weekly to get the latest scoop. 😉

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