Using the Bitcoin blockchain as a distributed ledger, DocuSign (“the trusted global leader in Digital Transaction Management and eSignature,” according to its press release here) has partnered with Visa (“the trusted global leader in the payment industry,” according to the same press release) to completely digitize and move online the process of leasing a car, a process and experience previously notable for its complexity.
According to this press release:
"Leasing a new sports car – or any car for that matter – should be fun and exciting, but lengthy paperwork and arduous processes often diminish the experience," said Ron Hirson, Head of Product, DocuSign. "This proof-of-concept makes it easier and faster for customers to get out the door in their new car by bringing together smart contracts and payments so that customers can electronically sign all pertinent documents and seamlessly pay in one fully digital experience."
"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," said Jim McCarthy, Executive Vice President, Innovation and Strategic Partnerships, Visa. "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," said McCarthy.
"When a customer, partner or investor wants to partner with us to create new, game-changing innovation, we're thrilled," said Keith Krach, Chairman & CEO of DocuSign. "Visa is the trusted global leader in the payment industry, and is relied upon by millions of merchants and billions of consumers around the world. DocuSign is the trusted global leader in Digital Transaction Management and eSignature. Together, our Labs teams are the perfect partners to help consumers and companies fast-forward their journey to becoming fully digital."
The proof-of-concept was developed in collaboration with DocuSign Labs, which unites talent from DocuSign's innovation hubs around the world, together with strategic partners such as Visa, to improve the way technology enables everyday transactions to be 100 percent digital and keep life and business moving forward. Visa is a DocuSign customer and strategic investor, helping fuel DocuSign's rapid expansion to new countries, companies and customers.
For more on the app, view the demo video https://youtu.be/2rLNbd6MQXg or read the blog post https://www.docusign.com/blog/the-future-of-car-leasing-is-as-easy-as-click-sign-drive/. For more information on DocuSign, visit www.docusign.com. For more information on Visa, visit www.visa.com
To read about the role the Bitcoin blockchain plays in this process, click here.