DZ Bank, G+D and four other German companies jointly launch offline M2M payment solution using tokenized deposits

Four German companies – DG Nexolution, DZ Bank, Festo and Giesecke+Devrient (G+D) – have jointly developed a new prototype solution to support M2M payments using tokenized deposits in offline mode. The technology is part of Industry 4.0 and allows companies to rent industrial machines on an on-demand basis, rather than buying them outright. The solution aims to solve the problem of making payments in environments where machines have no internet connection, such as in underground mines or secure facilities. The prototype demonstrator has two wallets, into which the control unit commonly found on machines is integrated. Smart cards are used to deposit money into the wallets, and the machine can transfer money between wallets. (Ledger Insights)