Originally published on: September 11, 2024
Ford and Toyota are pioneering the use of blockchain technology in the development of driverless cars, surpassing other industry players with their recent surge in patent filings.
In the second quarter of 2024, Ford and Toyota collectively filed over 43 blockchain-related patents, showcasing their commitment to innovation in the automotive sector. While the overall number of patents in the industry decreased in Q2, both Ford and Toyota significantly increased their filings during this period.
Ford boosted its filings from three patents in Q1 to 14 in Q2, while Toyota improved from 25 to 29 patents. The two companies along with other industry leaders are reshaping the future of transportation through blockchain-driven solutions.
Among Ford’s recent patents is a groundbreaking system that ensures the immutable providence of vehicle ownership. By using smart contracts that execute based on real-time event data, Ford’s blockchain ledger records ownership changes seamlessly, simplifying the exchange of vehicles and their associated assets.
Toyota, on the other hand, is exploring an internal blockchain system to manage non-fungible tokens (NFTs) related to its vehicles, providing accurate information about vehicles in storage. Both Ford and Toyota are shifting their focus towards driver assistance technologies, highlighting the industry’s move towards integrating blockchain solutions in the quest for safer and more efficient driverless cars.
In a recent industry event, experts acknowledged the challenges preventing widespread adoption of autonomous vehicles, emphasizing the need for advanced technologies like blockchain to address these obstacles. Ford and Toyota’s strategic embrace of blockchain offers them a competitive edge in the evolving landscape of driverless car technology.
As the automotive industry prepares for the advent of blockchain-based city infrastructure, Ford and Toyota’s innovative approach sets them apart as leaders in revolutionizing driverless car technology. With blockchain at the forefront of their operations, both companies are poised to shape the future of transportation in the digital age.
