Greyp Partners with Blockchain Firms to Develop Automatic Payment System

Croatian mobility startup Greyp is partnering up with two blockchain companies to develop a system that automates payment for IoT vehicles, online magazine EU-Startups reported on 24 October.

According to the report, the Zagreb-based company will collaborate on the project with slock.it, a company that connects IoT devices to the blockchain, and the Energy Web Foundation (EWF), a non-profit organization which applies blockchain to the energy sector.

The first focus of the project will be machine-to-machine transactions, which will allow vehicles to pay for tolls, rentals, and renewable charging services, cryptocurrency options included.

Kresimir Hlede, Greyp’s COO, commented on the partnership:

“We envision a network where every vehicle has a digital ‘wallet’ enabling autonomous machines to receive and create payments, both to humans and to other machines. This is a big step forward toward realizing our vision for a sustainable, connected future. We are excited to be working with slock.it and the Energy Web Foundation to achieve this.”

Greyp was founded in 2013, and since then has not only become famous for building high-end, smart and connected e-bikes, but has also won numerous industry awards, most recently the Eurobike Award for quality and innovation for its Greyp G 6.2 model.

The company is currently conducting an Equity Token Offering (ETO) on the newly launched Neufund financing platform.

The Greyp platform will incorporate blockchain technology to enable devices on a network to securely ‘sign’ and verify information and transactions without a human or CPU intermediary.

Jesse Morris, EWF’s Chief Commercial Officer, said:

“Our mission is for blockchain-based solutions to accelerate a low-carbon, customer-centric electricity future. In the years ahead, we forecast that customers will invest more in the grid than utilities. Electric mobility is a key part of that megatrend. We are proud to partner with Greyp to make it one step closer to reality.”

Greyp is not the first to work on blockchain-based vehicle automated payment system. Last week it became known that five major car manufacturers will begin real-world testing of a car identification and payment system.

BMW, General Motors, Ford, Renault and Honda are working with the Mobility Open Blockchain Initiative (MOBI) to integrate a blockchain system that will assign digital IDs to cars, which will be linked to ownership, service history and wallet.