ChromaWay to Provide Blockchain Smart Contracts to Mercedes Owner

Blockchain technology company ChromaWay AB announced this Tuesday that it has partnered with Daimler Grund Services Gmb (DGS) – a company that deals in real estate and a subsidiary of German automotive giant Daimler AG.

DGS manages Daimler’s extensive German property portfolio, which includes offices, storage and special-use facilities. The company has to manage all of the various lease agreements that it holds with companies which rent those properties.

And it’s these lease agreements that ChromaWay will be able to help DGS manage. By moving their contracts on to ChromaWay’s blockchain, DGS should be able to reduce risk and make its lease agreements more transparent.

ChromaWay Contracts

“We are extremely excited to collaborate with DGS to bring relational blockchain technology to their internal leasings,” said ChromaWay founder and CEO Henrik Hjelte. “We are looking forward to collaborating further with Daimler DGS and to explore new possibilities for our technology to solve existing problems.”

The technology works in a fairly straightforward way. All participants in the contract can see what is happening, what has been approved and what they themselves have to or have agreed to.

That means DGS sets a price. The company’s accounting team then approves the price. After that, the tenant agrees to the price. Finally, the DGS accounting team confirms that it has received payment from the tenant.

“The collaboration with ChromaWay helped us to get quickly started with a blockchain project,” said Achim Jedelsky, DGS’ Head of Processes and IT. “This is only the first step of using this exciting technology in our real estate department and I am looking forward to how this develops further!”