In recent years Blockchain technology has been gaining momentum in businesses. Various agencies have been looking into this new technology. In fact, companies have started designing tokens for their loyal customers.

Moreover, the blockchain industry has affected many industries, some being the car manufacturing industry. Cointelegraph auf Deutsch reported that Daimler AG, which owns Mercedes-Benz and Smart brands has launched its own coin, MobiCoin.

Daimler AG presented their digital coin during the Mobile World Congress 2018 in Barcelona, Spain. In addition, Cointelegraph auf Deutsch reported that Mobicoin was launch last month, February 2018. In fact, the newspaper confirmed that Daimler AG has not yet finalised their Blockchain programme. Moreover, Mobicoin is still undergoing tests to make sure that the system works efficiently. The company has estimated around 500 drivers are eligible to participate in their project.

The objective of this MobiCoin is to encourage Daimler AG to become eco-friendlier. In this process, Daimler AG will track customers using lesser fuel by driving slowly.

Daimler AG will send Mobicoins to their customers by recording customer vehicle data in the blockchain. Moreover, the blockchain will automatically convert data received into Mobicoins. Through a mobile application, users can easily access their Mobicoins.

Most cryptocurrencies have value. What value does Mobicoins have?

As previously mentioned, Daimler AG is still evolving its blockchain technology. The aim of Mobicoin is to access events, more as having a VIP ticket. Such events that accept Mobicoin are DTM Races, the MercedesCup Final or Fashion Week happening in Berlin.

As a result, more automobile companies are seeking the need to start a blockchain network distribution. Such German automobile companies that already started their blockchain technology are BMW and Porsche. These two car manufacturing companies have joined other companies thus enhancing their blockchain platform.

The Blockchain has also sought to revolutionise the car manufacturing industry, giving rise to this phenomenon. The importance of Blockchain is the storing of data, in a decentralised and secure way. In the near future, other industries might follow the hype and start off their blockchain platform.

E&S Group is a leading law firm offering various services with regards to ICOs. Feel free to contact us directly on +356 20103020 or by email at to find out how E&S can help you in ‘making things happen’.

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