By Daniel Conway. (Real Clear Markets). August 8, 2024.
Crypto Coins of Appreciation and Traffic Management Await
August 08, 2024
In 2011, engineers at John Deere were putting bitcoin wallets on tractors and implements (seeders and fertilizers), and every spin of the axel created a message on the controller area network (CAN bus), after which a small amount of bitcoin transferred to the implement’s wallet. The process of creating what was effectively a new payment system horrified the company’s internal accountants, but the fact that bitcoin had no apparent monetary value at the time somewhat assuaged their worries.
By 2016, the automotive standards group SAE (The Society of Automotive Engineers) began standards conversations regarding blockchain, and today most new automobiles have blockchains built in. This created a whole new range of possibilities: Today, a driver coming up behind a car wanting to make a pass can signal his intention by using a turn signal, honking, or getting aggressively close to the car. With blockchain, the cars can automatically execute a smart contract so that the faster vehicle can pay cryptocurrency to the slower vehicle to move aside, creating a cryptocurrency mechanism for virtual fast lanes. Ford holds this patent, incidentally.
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