Visa and DocuSign have recently unveiled a new proof- of- concept that will use the blockchain technology to transform the process of car lease by enabling the people to rent a car without having to fill in reams of paperwork.

The prototype app was announced at the payments industry conference, Money20/20 in Las Vegas.

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By using exclusive Digital Transaction Management platform of DocuSign and eSignature which is integrated with the payment technology of Visa, the app enables fast and document free purchase of insurance for the newly purchased car.

The Head of product of DocuSign, Ron Hirson stated, “Much like Visa put its card into the (Apple) Watch (providing on-wrist Apple Pay capability) this is just putting your card into your car.

The vehicle becomes a smart asset that offers two- way communication that can benefit consumers.”

This project seeks to initialize the entire process such as configuring the lease, insurance and other expenses which includes parking and tolls and to digitally sign and pay for the car itself.

The project was outlined in a blog post by Hirson that states, “From the driver’s seat, the customer then chooses the lease options for the car – low, mid or high mileage, for example and DocuSign 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 uploaded.”

For the past few months, Visa has been exploring the usages of bitcoin and blockchain technology in payment applications. Jonathan Vaux, the executive officer of new digital payments and strategy at Visa Europe believes that crypto currency is the future.

Visa and DocuSign have a long history of collaboration and Visa is also an investor of DocuSign.

According to Visa, they presume that this concept can also be applied in other things such as renting or purchasing a new home or property to settling up new services and utilities.

The chairman and chief executive officer of DocuSign, Keith Krach stated, “Visa is the trusted global leader in the payment industry and is relied upon by millions of merchants and 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 people and businesses fast- forward their journey to becoming 100% digital.”