According to a Commerzbank press release published on Aug. 8, the bank tested the exchange and settlement of payments between an electronic charging point and a Daimler truck system without any human intervention.
To allow the transaction, the bank reportedly tokenized euros on the blockchain used in the pilot and provided the funds to the automaker to process the payments.
Frankfurt bank and financial services firm Commerzbank tested blockchain-based machine to machine payments with trucks produced by the firm behind the Mercedes-Benz auto brand, Daimler.
Towards a more efficient supply chain
The aim of the system is to allow for the next generation machinery to operate with a greater degree of autonomy. Commerzbank divisional board member transaction banking, Stephan Müller, explains that allowing machines to perform mutual payments is the logical next step in increasing supply chain efficiency. He said:
“After having completely digitised securities transactions in past pilot projects, the focus is now shifting to DLT-based payment structures. … As a bank we see our mandate as creating new digital payment architectures for our clients.”
According to Owler, Commerzbank’s annual revenue is $10.2 billion and Daimler’s $186.9 billion.
As Cointelegraph reported in July, in seemingly related news, Daimer partnered with European blockchain interface solutions startup Riddle Code to provide an open car hardware wallet solution.
Live Planet Unveils Blockchain-Based Virtual Reality Network
Media company Live Planet has announced plans to imminently launch a blockchain-based virtual reality network – the Blockchain Virtual Reality (VR) Network – that will be used to host crypto and other blockchain-related content.
Live Planet shared the development with Cointelegraph in a press release on Aug. 8. According to the announcement, this network will be the first of its kind.
The press release additionally specifies that this will be the company’s first application based on VideoCoin Network technology, a blockchain-based piece of media infrastructure the company has been developing.
Former Fox Film executive behind the Blockchain VR Network?
As previously reported by Cointelegraph, Live Planet acquired the former chief technology officer at 20th Century Fox Film Corporation, Hanno Basse, back in June. Basse joined the company as president of its decentralized media solutions division, and was reportedly expected to develop the VideoCoin Network and its VR streaming and publishing services.
Blockchain VR Network details and partners
According to the announcement, blockchain-related content creators will be able to use their 360 stereoscopic video service Live Planet VR System to either stream or record their content. Additionally, the network will support streaming to platforms such as YouTube, Samsung VR, and Oculus.
Live Planet also has a number of partners already, as stated in the press release. So far, these include BLOCKTV, Bad Crypto Podcast, Boxmining, CoinCentral, Crypto Trader, Decentralized Films and YEN.io. The foregoing list features a number of different types of content creators, who produce podcasts, TV shows, and independent news coverage.
Blockchain-backed media
In a different strain of blockchain-driven media, the cryptocurrency wing of retail giant Overstock, tZERO, announced that they were tokenizing the movie “Atari: Fistful of Quarters” in July. Overstock CEO Patrick Byrne commented:
«We have been looking for the team to crack the code for Hollywood and bring much needed transparency and accountability to an industry that has been historically resistant to change. This is an extremely impressive team and we are thrilled to bring the tZERO tech stack to the movie industry.”
