Visa Trials Bitcoin Proof-of-Concept for Car Rentals

Author: ManjiMasha Image source: Dazhi

Visa and DocuSign this week unveiled a new proof-of-concept that will use the bitcoin blockchain to store car rental records.

The project was launched on the official website on October 26 and was first put into trial at Money20/20 in Las Vegas, centralizing the electronicization of the car rental process. Through Bitcoin transactions, a digital fingerprint is generated for each car, and new transaction records will be displayed throughout the rental process.

“Consumers can choose the right car based on their needs - for example, by mileage, and DocuSigns will display various car rental agreements. Once selected, all content will be updated on the blockchain,” the announcement explained.

“Consumers select the type of insurance in a manner familiar to them, taking into account coverage, deductibles, and other factors,” the announcement said. “The customer electronically signs the agreement, which is then updated again on the blockchain.”

Visa is a provider of innovative technology and has been working with Bitcoin and blockchain technology for some time. The company is also an investor in DocuSign.

Other elements of the proof of concept include Visa’s credit card network and some of DocuSign’s document management technology to link the rental car, further digitizing the process. DocuSign released a YouTube video showing the step-by-step process, including the posting of information through the bitcoin blockchain.

As of now, neither DocuSign nor Visa has immediately responded to the relevant questions.