Linklaters has provided advice to Commerzbank and its research and development unit on the first blockchain-based payment solution for machine-to-machine (M2M) payments developed by a German bank. As part of the pilot project carried out by Commerzbank together with Daimler Trucks, fully automated payments were made for charging processes between an electricity charging station and a truck system. Dr Florian Reul, head of fintech Germany at Linklaters, said: “We have once again broken new ground in both the technological and the legal areas. In order to be able to fully exploit the great potential offered by block chains and smart contracts in the future, the design of secure legal framework conditions is an important success factor.”
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