Showcasing Smart Contracts and Payments with a Connected Car by DocuSign and Visa
DocuSign Inc. and Visa have collaborated to innovate the purchase and leasing of automobiles, along with the everyday running of your car, which they revealed at Money2020 in Las Vegas. Showcasing a new proof-of-concept that uses the Internet of Things (IoT) basis to handle the buying and running of a vehicle, the demonstration showed how transactions such as purchasing insurance and signing a lease could be carried out electronically within the car itself.
Using secure contracts and payments made online via the connected car, the procedure is designed to streamline the everyday processes that people have to make in the course of owning and maintaining a car. DocuSign’s proof-of-concept app in the dashboard of a connected car prototype, developed by Visa for car-based commerce, simplifies buying and leasing car by consolidating the various processes into a secure electronic method. Enabling this process in the car and storing your Visa card details allows it to be a smart asset amongst the IoT with ability to manage things like insurance, lease payments, tolls and parking by itself. It would also be possible to pay for other services like music or restaurant bills using your car; the idea being that anything you might want to do whilst driving could be organized and paid for without leaving the driver’s seat.
Developed using blockchain, the proof-of concept utilizes DocuSign’s Digital Transaction Management platform, eSignature solution and APIs whilst incorporating Visa’s Token Service for secure payment processing. Improving the ease and speed at which consumers can purchase, lease or maintain cars by digitizing the process is taking a step close to a true IoT. DocuSign Chairman and CEO, Keith Krach, was excited to partner with Visa to further its goal of a fully digital experience for companies and consumers.
Visa’s Executive Vice President, Innovation and Strategic Partnerships, Jim McCarthy explained the vision, saying “We see a future where car commerce goes far beyond fuel pumps and drive-thrus, becoming a fully automated experience among the Internet of Things,” adding “Anything you buy from your car, or for your car, can be enabled by automatic payments: whether it’s a lease payment, insurance or anything governed by a contract. Tolls, maintenance services, music downloads, parking and even charges from the DMV could all be automated through a Visa token that is securely stored in your car”. Visa is a DocuSign customer and strategic investor, aiding DocuSign to achieve rapid expansion to new countries, companies and customers.