Commerzbank tests blockchain-based payments

Posted 08 August, 2019

The top-2 bank in Germany – Commerzbank – reportedly expressed intentions to launch blockchain-based payment solution. The bank is now considering the possibility for that. The key features are that the system is expected to run without human involvement. 

The company spokesperson stated that technology has successfully passed the first testing. In particular, the company issued tokenized euro that was transferred to the parent company of Mercedes-Benz, Daimler, for application in the truck payment system. 

In particular, the system was applied to the unmanned exchange of payments between e-charging points and Daimler Truck system.

 The member of the Commerzbank board said that the company used to focus on digitized securities, though now it is going to switch to the application of DLT technology. He believes that the bank must create a new architecture for its clients.

After the testing, it was discovered that the paments can be fully automated. The company strives to create brand-new instruments that provide more autonomy.

Along with logistics, the system can be used production, chemical sectors as well as real estate.

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