ZF spins off blockchain-based Car eWallet
ZF has founded a startup that incorporates their Car eWallet business. They will offer payment and billing services for transactions such as charging or renting electric cars using blockchain technology. The launch of Car eWallet in Berlin follows a trial with project partners IBM and UBS.
ZF wants their startup Car eWallet to further develop and market the service following the initial six month collaboration. The first commercial pilot projects of Car eWallet are expected to launch in the second half of 2018.
ZF first presented the Car eWallet service in January 2017 reportedly. This provided services like re-charging electric cars for example and paying for it via blockchain. The electronic transaction wallet can also be used to pay for tolls, parking fees or car sharing.
After the initial cooperation with UBS and IBM that ended this spring, Car eWallet is to keep the technology and ready it for new markets and users. Says Alexander Graf of ZF, who currently leads the project: “We will maintain the technological connection to ZF and its product portfolio and at the same time, open up Car eWallet to many other users from the entire mobility industry as well as financial service providers.”
In an initial financing phase, ZF will equip the start-up with seed capital. After that the new business will have to look for investors for further funding. Car eWallet is now a business of its own.