German automaker Daimler AG, parent of popular brands like Mercedes-Benz, has reportedly launched a pilot Blockchain project.
Daimler AG, parent of popular brands like Mercedes-Benz, has reportedly launched a pilot Blockchain project.
German automaker Daimler AG continiues to explore ways of integrating blockchain technology. They have issued a year-long corporate bond, also known as a Schuldschein.
The automotive company worked along with Landesbank Baden-Württemberg (LBBW), Germany`s biggest state-backed banking group, to introduce the one-year corporate Schuldschein.
Some of the other participants in the pilot are Esslingen-Nürtingen, Ludwigsburg and Ostalb, savings banks that acted as lenders in the process.
According to the company`s announcement, the entire transaction of the loan agreement were carried out over a blockchain. Whereas is is not mentioned which blockchain is used, the development of the decentralized ledger was facilitated by TSS and Targens, the IT subsidiaries of Daimler and LBBW, as cryptocoinnews.com explained in a recent report.
“This pilot project is our first step in testing the wide variety of possibilities for using blockchain technology and assessing this technology’s potential for future transactions and financial processes.”, said Bodo Uebber, member of the Board of Management of Daimler AG responsible for Finance & Controlling and Daimler Financial Services, while speaking to media.daimler.com.
“Simultaneously with launching the Schuldschein, we conduct other projects to determine where blockchains could also be used to increase efficiency and support our business models. LBBW has been our partner for many years. It has extensive experience in this field, and its innovative projects are helping to shape the future of the financial markets.”, as he added.
It is to be seen whether such projects will be a common practice in the future.