[English translation] Mercedes-Benz Group to launch a blockchain pilot worth about $110 million

Now, this time as well, I would like to read the article translation right away.

Mercedes-Benz's parent company launches a blockchain pilot of about $110 million

Daimler, the parent company of Mercedes-Benz which is the world's largest automaker and boasts annual revenues of $175 billion, announced today that it will launch a blockchain pilot worth about $110 million.

“From manufacturing, distribution, and provisioning of contracts to the verification of repayments and interest payments, all transactions will be processed in digital form through blockchain technology with the cooperation of TSS (Daimler), a subsidiary of the IT department, and Targens (LBBW),” the press release states.

Which blockchain will be used has not been disclosed, but the somewhat lengthy video mentions smart contract technology as a tool to digitalize paper-based contract agreements.

“Blockchain could affect almost the entire value chain. Therefore, as a leading automaker, we want to take an active role in the global blockchain community and help establish cross-sector blockchain standards. We aim to pursue these activities in every field that is important to us, such as customer relationship management, sales and marketing, supply chain management, digital services, and financial services.”

spoke Kurt Schäfer, Vice President of Daimler Treasury.