Tech giant IBM has partnered with Swiss investment bank UBS and German car parts manufacturer ZF Friedrichshafen to build a blockchain-based payments system for the automotive industry.

The open automotive transaction platform, dubbed Car eWallet, will act as a digital assistant, enabling secure and convenient payments on the go. It can also perform other tasks such as opening the trunk or doors.

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The platform is built on IBM Blockchain technology, which will prevent the need for a third-party vendor or central computing hub to process transactions and commands.

The partners also revealed that they intend to build a secure blockchain network that can collect fees for parking, toll, as well as future use cases such as car-sharing, energy provisioning to the power system or delivery services.

ZF Friedrichshafen CEO Stefan Sommer said: “The trend toward car-sharing and future autonomous vehicles requires, now more than ever, a transaction ecosystem that everyone can use. The Car eWallet technology will reduce risks and costs while dramatically improving convenience for owners and users.”

IBM Global general manager for automotive, aerospace and defense Dirk Wollschlaeger said: “Time of great change requires transformational solutions. Together with UBS and ZF, we are engineering a new mobility platform to redefine how, when and where traditional transactions occur.”

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UBS head of innovation Veronica Lange added: “In today’s digitally connected world, no single institution works in isolation. As a leading financial services institution we pursue the development of a new platform that will transform how transactions and payments between vehicles and other machines can be done efficiently and safely.”