The proof-of-concept demo showed how a consumer can purchase and then drive away in his ‘purchased’ car in just a matter of few minutes, after signing the relevant documents, and paying the sum electronically, without ever even having to move from the driver’s seat.
In a blog post, Ron Hirson, Head of Product, DocuSign explained at length the idea behind the product saying that leasing a sports car or any car should be an exciting event, but due to tedious procedures and lengthy paperwork involved in this, it actually gives a diminished consumer experience.
He further said that “the 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.”
Jim McCarthy, Executive Vice President, Innovation and Strategic Partnerships, Visa, pitched in stating that they envisage a future where car commerce would not just come to stand for mere fuel pumps or drive-thrus.
He was of the view that the entire car commerce industry would become fully automated among the Internet of Things.
The proof-of-concept has been developed by using blockchain, the technology behind the Bitcoin, and it brings together DocuSign’s Digital Transaction Management (DTM) platform, eSignature solution, and also the APIs with the Visa Token Service which enables secure payment processing.
Visa is a DocuSign customer and also its strategic investor.
Keith Krach, Chairman and CEO of DocuSign expressed his happiness over the development and said that whenever a customer, or a partner, or an investor wishes to partner with the company to create new, game-changing innovations, they feel thrilled.
He further spoke on the collaboration with Visa calling it the trusted global leader of the payment industry and then added in the same breath that “DocuSign is also a trusted global leader in Digital Transaction Management and eSignature.”