Published: November 03, 2015 | Las Vegas, NV
Visa and DocuSign showcased new proof-of-concept that brings together secure contracts and payments made online via a connected car. Unveiled at Money2020 in Las Vegas, the DocuSign demo showcases how consumers can drive a car off the lot in a matter of minutes after securely signing all documents and paying electronically right from the driver’s seat.
The DocuSign proof-of-concept app, embedded into the dashboard of a connected car prototype developed by Visa for car-based commerce, simplifies the process of leasing or buying a car by automating all the steps into a seamless, completely secure electronic environment. The technology enables the car to be a smart asset among the Internet of Things (IoT) with the ability to manage services like auto insurance, lease payments and even tolls and parking.
To begin the process, a prospective customer chooses the car they want to lease after test-driving, evaluating their options, and completing any pre-approvals. That car’s identity is then registered on the Bitcoin Blockchain – the secure ledger database used to record transactions over broadly-distributed computer networks.
From the driver’s seat, the customer then chooses the lease options for the car – low, mid or high mileage, for example and DocuSigns the leasing contract right there and then. This is all in turn updated on the Blockchain.
They then choose their insurance options in the familiar way – evaluating by coverage, deductible and other factors. They would again DocuSign the agreements, and the Blockchain would again be updated.
The customer then links their Visa credit card details to pay for the lease and insurance, and automatically cover in-car payments like tolls, maintenance services, music downloads/multimedia content, take-out food, parking and even charges from somewhere like the DMW.
With the lease and insurance contracts DocuSigned and the Visa credit card details integrated, the customer is literally ready to drive off the lot – it takes a mere matter of minutes.
The proof-of-concept was developed using the blockchain and brings DocuSign’s Digital Transaction Management (DTM) platform, eSignature solution and APIs together with the Visa Token Service for secure payment processing. Visa is a DocuSign customer and strategic investor, helping fuel DocuSign’s rapid expansion to new countries, companies and customers.