BMW, General Motors, Ford to Start Testing Blockchain Payments in Cars
Five major automakers — BMW, General Motors, Ford, Renault and Honda — will start testing a blockchain car identification and payment system next month in the United States. Automakers envision self-paying cars, digital IDs. The partnership aims to test the vehicle ID system developed under the Mobility Open Blockchain Initiative. As part of the project, cars are assigned digital IDs linked to ownership, service history and a wallet allowing the vehicle to automatically pay fees without specialized hardware. The alliance reportedly envisions the system being applied to connected electric vehicles so tolls, maintenance and rest stop purchases, for example, can be recorded and paid automatically when the car is plugged in to charge its battery. Mercedes also testing blockchain transactions in cars. Mercedes-Benz parent company Daimler AG and mechanical engineering firm Dürr AG have conducted a pilot transaction on blockchain software firm R3’s Marco Polo trade finance network. In August, the automaker also tested blockchain-based machine to machine payments with trucks in partnership with Frankfurt bank and Commerzbank. Indian automobile manufacturer Tata Motors wants to integrate blockchain solutions into its internal processes as part of a newly launched program for startups. Blockchain-based solutions envisioned by the firm include a parking marketplace, demand prediction algorithm and real-time monitoring of fuel quality.
Oxford English Dictionary Adds ‘Satoshi’ — Bitcoin’s Smallest Unit
The Oxford English Dictionary (OED) announced that it added the word “Satoshi,” Bitcoin’s (BTC) smallest unit. OED notes that the word is the most recent addition to its dictionary, claiming the word was first used seven years ago. “A satoshi is the smallest monetary unit in the Bitcoin cryptocurrency, and is named after Satoshi Nakamoto, the—probably pseudonymous—developer(s) of Bitcoin.”
US Authorities Analyze Bitcoin Transactions to Shut Down Child Porn Ring
U.S. Department of Justice announced the shutdown of the largest-to-date child sexual exploitation market called Welcome to Video which was operated by South Korean national, Jong Woo Son. The site offered child pornography videos for sale using Bitcoin. To trace Bitcoin blockchain transactions and identify users, IRS-Criminal Investigations (IRS-CI), Homeland Security Investigations and other agencies applied software provided by blockchain analysis company Chainalysis.
IRS-CI Chief:
“Through the sophisticated tracing of bitcoin transactions, IRS-CI special agents were able to determine the location of the Darknet server, identify the administrator of the website and ultimately track down the website server’s physical location in South Korea.”
“The virtual currency accounts identified in the complaint were allegedly used by 24 individuals in five countries to fund the website and promote the exploitation of
children. The forfeiture complaint seeks to recover these funds and, ultimately through
the restoration process, return the illicit funds to victims of the crime.”