Daimler Launches Digital Currency

MobiCoin will be used to reward eco-friendly drivers.

by Viko
05 March • 1.5 min
In News
German automaker Daimler AG unveiled on Monday it has been working on a Blockchain-based project to reward drivers for driving in a way that protects the environment, several media outlets reported, quoting a company presentation at the Mobile World Congress 2018 in Barcelona.

The project involves the creation of a new cryptocurrency, called MobiCoin, that will be awarded to drivers who drive at low speeds and avoid wasting fuel.

A total of 500 drivers of Mercedes, Smart, and other Daimler brands will be monitored in a three-month testing period. The more eco-friendly behaviour they have, the more MobiCoins will they get. Those with the most coins will be awarded VIP tickets for events like Berlin Fashion week or DTM races.

mercedes-benz parking

For now, it is not clear if drivers will be able to convert the digital money to fiat currency or exchange it for another cryptocurrency.

Daimler is yet another German car manufacturer to join the industry trend for implementing Blockchain technology. Its Bavarian rival BMW recently teamed up with China’s VeChain and UK startup Circulor, while Volkswagen entered into a partnership with German’s IOTA. Meanwhile, Stuttgart-based Porsche has been testing Blockchain applications directly in vehicles in cooperation with Berlin-based start-up XAIN.