RIDDLE&CODE launches open car blockchain wallet solution with Daimler

RIDDLE&CODE provides vehicle identity, trusted data provenance and a settlement layer as part of this DLT consortium

Carwallet Cryptoninjsa

RIDDLE&CODE, a European provider of blockchain interface solutions, today provided details and context of its DLT hardware wallet that is powering a Daimler Financial Services-led consortium to provide an open car wallet solution.

Car wallets enable a wide variety of use cases from car-sharing to autonomous vehicles. The real-time exchange of secure traffic data between vehicles and smart city environments reduces congestion and lowers insurance premiums. Blockchain-certified data can be used in case of accidents.

“This is a prime example of a global market leader betting on European industry collaboration and DLT-based innovation. A new generation of open mobility services will create new business models, and RIDDLE&CODE is excited to be at the heart of it with our hardware-based car wallet. It shows an ability to continue to offer disruptive value-added services creating new marketplaces for mobility, energy, and finance.”
– Alexander Koppel, CEO and co-founder of RIDDLE&CODE

The hardware wallet solution is built around RIDDLE&CODE’s Secure Element 2.0 that provides a protected blockchain identity to vehicles. Merging that with standard vehicle identity (e.g. registration) creates unique and secure ledger transactions.

Other partners in the Daimler-led mobility blockchain platform include Blockchain Helix for human digital identity solutions, Evan.Network for the network layer and 51 Nodes for smart contracts.

“Autonomous cars must behave consistently to be trusted. Cars are already computing devices. A secure identity ensures that the right authorities have approved code executed inside vehicles and the trustworthiness of data exchanged. RIDDLE&CODE secures this with its cryptographic hardware and uses ledgers to turn automobiles into future market places.”
– Tom Fürstner, the company’s Founder and CTO