Daimler AG Unveils MobiCoin Cryptocurrency During Mobile World Congress 2018

German auto maker Daimler AG which owns the Mercedes Benz brand has unveiled a new cryptocurrency called MobiCoin during this week’s Mobile World Congress event which was held in Barcelona. The new digital coin was part of the company’s new agenda that seeks to reward drivers for eco-friendly driving.

The German manufacturer initiated the project in February this year with the idea to come up with a cryptocurrency that would be used to reward those who practice good driving habits. The company plans to carry out testing for the next three months and it will feature 500 drivers who will be rewarded based on economic driving practices. The reward system will reward the digital coins to the drivers based on the data collected from their vehicles. Additionally, the digital coins will be stored on a mobile-based crypto wallet, thus incorporating a lot of convenience.

The data collected from the vehicles will also be linked to the mobile app. This means the reward system will most likely be completely automated. Also, drivers can also exchange their coins for rewards. Daimler also claims that drivers will not be able to access their eco-driving data in real time. This is part of the company’s plan to avoid distracting the drivers with the data while they are on the road, thus preventing accidents.

Drivers can redeem their coins when they achieve higher scores and then use those MobiCoins to procure VIP tickets for high-profile events like the Berlin Fashion Week or the MercedesCup final. Just like all the other cryptocurrencies in the market, MobiCoin will be operated using blockchain technology.

Daimler’s blockchain expert, Jonas Von Malottki had his to say about the initiative: “The blockchain, with its decentralized architecture, will open business models and multiply the possibilities of collaboration between big and small players,”

Rival German manufacturer, Porsche has also reportedly been working on implementing blockchain technology into its vehicles. This highlights the booming acceptance of blockchain technology by the automotive industry and this might provide significant advantages. For example, the fact that blockchain is virtually unhackable makes it very secure and this is ideal for running vehicle systems, thus bringing more security to the vehicles. This is just one of the many advantages that the technology can offer to the automotive industry.  It also highlights the growing acceptance of cryptocurrency and blockchain technology by different industries, especially in the technology world.