Visa uses bitcoin’s blockchain technology to cut paperwork out of car leasing

To begin the process, the car is given a unique digital identity, which is registered on the blockchain – the secure ledger database used to record transactions over broadly-distributed computer networks.

This is linked to the customer’s DocuSign’s eSignature and integrated with Visa’s payment technology, so that they can pay for the lease and insurance, as well as in-car payments like tolls, maintenance services and parking, on the fly.

“From the driver’s seat, the customer then chooses the lease options for the car – low, mid or high mileage, for example and DocuSigns the leasing contract right there and then. This is all in turn updated on the blockchain,” said Mr Hirson.

“They then choose their insurance options in the familiar way – evaluating by coverage, deductible and other factors. They would again DocuSign the agreements, and the blockchain would again be updated.”

With the lease and insurance contracts signed and the credit card details integrated, the customer is ready to drive away. From there, the car can do many things automatically, like pay tolls, download music of even order a take-away pizza.

“Much like Visa put its card into the (Apple) Watch

Read more ... source: TheBitcoinNews