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Ford and Toyota Invest Heavily in Blockchain as Self-Driving Tech Slows
In the rapidly evolving world of automotive technology, Ford and Toyota are making significant strides in blockchain innovation, a recent review of patent filings reveals.
Leading the Charge in Blockchain
During the second quarter of 2024, Ford and Toyota collectively submitted an impressive 43 blockchain-related patents. This trend runs counter to the overall industry, which saw a decline in patent filings compared to the first quarter. According to data from GlobalData Patent Analytics and Just Auto, Ford dramatically increased its filings from three in the first quarter to 14 in the second quarter. Toyota, already a strong player, boosted its patents from 25 to 29 during the same period.
Dominating the Blockchain Patent Landscape
In terms of sheer numbers, the top five companies for blockchain patents in Q2 2024 were led by Ford and Toyota, with 29 and 14 patents respectively, followed by companies with seven, six, and six patents. This data underscores the commitment of these automotive giants to leveraging blockchain technology.
Blockchain Applications in the Automotive Sector
The patents filed by Ford, Toyota, and their contemporaries target various challenges within the automotive industry. Notably, Ford has put forth a patent focused on providing unalterable security for vehicle ownership. The proposed system would utilize smart contracts to manage and record changes in vehicle ownership in real-time, ensuring a secure and immutable ledger. For instance, Ford’s blockchain system aims to streamline the transfer of vehicle ownership and related assets through autonomously executed smart contracts. This innovation could simplify and secure the process of buying and selling vehicles.
Toyota’s Blockchain Innovations
Toyota, on the other hand, is exploring the potential of using blockchain to manage non-fungible tokens (NFTs) linked to its vehicles. This could ensure that vehicles in storage, such as those held by dealers, are accurately represented in a secure blockchain ledger.
Shifting Focus from Autonomous Vehicles
Both Ford and Toyota have been re-evaluating their approach to autonomous driving technology. Instead of fully autonomous vehicles, they are showing a preference for advanced “driver assistance” technologies. During a recent industry gathering, insiders admitted that while there is still optimism, significant hurdles remain before the full adoption of robotaxis can be achieved.
Blockchain’s Potential Impact on Autonomous Vehicles
Adopting blockchain technology offers Ford and Toyota a strategic advantage, potentially influencing the future of autonomous vehicles. One area of interest is how blockchain-based urban infrastructure could support the development and integration of self-driving technology.
Conclusion
Ford and Toyota’s commitment to blockchain innovation highlights their forward-thinking strategies in an industry on the cusp of transformation. For cryptocurrency enthusiasts, Bitcoin miners, and financial analysts, these developments suggest exciting times ahead as blockchain technology continues to revolutionize traditional industries.