Germany-headquartered car manufacturing giant Daimler AG, famous for its Mercedes-Benz and Smart brands, presented its own Blockchain-based digital currency MobiCoin at the Mobile World Congress 2018 in Barcelona, CryptoNewspeople auf Deutsch reported on March 5.
The project, which started in February 2018, was created to reward drivers for environmentally-friendly driving habits, i.e. smooth and safe driving at low speeds. The project will be in its testing phase for the next three months, during which 500 drivers who follow eco-friendly driving practices will be rewarded with MobiCoins.
According to CryptoNewspeople auf Deutsch, data from the vehicles will be transmitted to Daimler and converted into MobiCoins, which will be stored in a mobile app. Participants with the most MobiCoins will reportedly receive VIP tickets for events such as the DTM Races, the MercedesCup Final, or Fashion Week in Berlin. However, it is not known whether drivers will be able to convert the MobiCoins to fiat currency or other cryptocurrencies.
Recent months have seen multiple German auto giants embrace Blockchain tech. In February 2018, German car manufacturing giant BMW announced its partnership with VeChain, the blockchain-based supply chain enhancement platform. The same month, Stuttgart-based Porsche announced it has teamed up with Berlin-based startup XAIN to use Blockchain technology in improving locking systems and the capabilities of autonomous cars.