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Volkswagen Seeks Patent for Inter-Vehicular Blockchain Communications System

Volkswagen seeks patent for inter-vehicular blockchain communications system

Volkswagen Seeks Patent for Inter-Vehicular Blockchain Communications System


Volkswagen seeks patent for inter-vehicular blockchain communications system
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Volkswagen has applied for a patent allowing vehicles to communicate with each other through a blockchain-based network aimed to increase road safety by warning of nearby vehicles and alerting the driver to potential collisions.

The system could potentially be used to negotiate actions like merging lanes, overtaking, and a number of other high-risk activities on the road.

“In Vehicle-to-Vehicle communication messages are exchanged between vehicles to enable novel safety-relevant use cases. Most of the currently known use cases provide warnings to alert a driver about an imminent event, such as two vehicles colliding with each other,” read an excerpt from the patent. “To this end, Vehicle-to-Vehicle communication is based on single messages, which are signed by the sending vehicle. The signature provides integrity and non-repudiation. A natural extension to safety warnings are cooperative manoeuvres, which allow increasing both safety and efficiency of road usage.”

The patent deals with self-driven and manually-driven cars and aims to either display information for a driver to see or simply inform self-driving cars on their next move. A cooperative inter-driver contract is described which will allow drivers to enter agreements aimed to increase their road safety.

“Cooperative manoeuvres can be performed in a variety ways. One efficient way is for two vehicles to negotiate a contract. Once this contract is complete, the manoeuvres of the negotiated contract are carried out. In case a need for a change of plans arises, this change needs to be agreed upon as well.”

The crux of the patent is the concept of exchanging inter-vehicular messages which are cryptographically signed and serve to create a network of nearby cars in order to better avoid collisions and work with the flow of traffic.

The patent explains that messages are first exchanged between one vehicle and another, with each message containing a “hash pointer” which indicates where relevant information is stored on a blockchain. After the messages have been exchanged the pointer to the last of the messages is signed by each participant and published on the blockchain. If the resulting contract has to be changed, a further message is added and the process continues.

Volkswagen is the latest major company to apply for a blockchain patent to enhance their business, with Walmart patenting a system for accessing medical records on a blockchain with other blockchain patents under review and Mastercard patenting anonymous blockchain transactions.  and Samsung seeking blockchain patents to improve their logistics and operational efficiency.

Ford Motors has also patented a cryptocurrency-fuelled vehicle technology allowing for preferential lane access while on the road among other functions, with cryptocurrency exchange being a feature of the system. It’s possible that the Volkswagen contract system will handle similar negotiations if approved.

Featured image from Shutterstock.

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Published at Thu, 05 Jul 2018 18:00:37 +0000

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Bitcoin Bites Back: Wells Fargo in Court After Halting Exchange Transfers

The parent company of cryptocurrency exchange Bitfinex, iFinex, is suing Wells Fargo over disruption to wire transfers.


Bitfinex: Court Move To ‘Prevent Precedence’

Court documents filed by the company, along with fellow conversion service Tether.to in San Francisco, relate to the global bank allegedly blocking outgoing wire transfers to the banks servicing them.

“Wells Fargo has suspended U.S. dollar wire transfer operations needed to remit to plaintiffs’ customers U.S. dollars that the customers deposited with plaintiffs to purchase digital currency,” the complaint reads.

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It adds that the bank’s actions were “causing imminent and irreparable harm to plaintiffs.”

In additional comments on Reddit, Bitfinex spokesman commented that the lawsuit was to “prevent precedence” and that if nothing was done, the phenomenon could repeat itself with other cryptocurrency businesses.

He said:

“We’re not going to rollover for action like this. It’s precisely why we have increased our legal department.

“The decision to initiate legal action is because we cannot allow precedence in this industry where clearing houses can disrupt businesses that are by all metrics complying with the rules in place.

“If we allow them to simply flip a switch and disrupt business, then there becomes a precedence in the bitcoin industry beyond just Bitfinex, so we believe it is the appropriate time to take action to prevent precedence.”

Fickle Banks Meet Their Match At Last

The decision to disrupt liquidity flow for the two services could well represent the most severe instance of a bank declining service to cryptocurrency businesses.

Previous instances include Venezuelan exchange Surbitcoin’s temporary shutdown due to a banking refusal, while flagship New Zealand exchange bitNZ disappeared for good after operating for six years due to its bank’s sudden decision to cut ties.

Not just exchanges, but entities from across cryptocurrency have felt the effects of banks’ changing whims. UK news resource Coinjournal had its bank account frozen by Barclays in September last year, allegedly over connections with bitcoin.

Regulations Bite Poloniex in Washington State

Meanwhile further up the West Coast, Washington State is to lose services from another bitcoin exchange, this time Poloniex.

In a circular to customers, “careful consideration of the Washington State Department of Financial Institutions’ interpretation of its financial services regulations” had resulted in the suspension of service for residents “until further notice.”

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Customers affected have two weeks from April 6 to remove funds from their accounts. Before the deadline, they are also prohibited from “opening new margin positions, adding to existing ones, and lending funds.”

Bitfinex itself exited Washington State for the same reasons back at the beginning of March. Unlike Poloniex, however, the exchange hinted there would be no return, and its users had markedly less time to react.

What do you think about the Wells Fargo case? Let us know in the comments below!


Images courtesy of Shutterstock, poloniex.com

The post Bitcoin Bites Back: Wells Fargo in Court After Halting Exchange Transfers appeared first on Bitcoinist.com.

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