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Ford and Toyota Lead in Blockchain Innovation Amid Slow Driverless Car Progress
Ford and Toyota are focusing on blockchain technology as progress in driverless car development slows. In the second quarter of 2024, both companies filed a combined 43 blockchain-related patents, standing out in an industry where overall patent filings have decreased.
Blockchain Patent Activity
Ford and Toyota have been particularly active in blockchain patent filings. Ford increased its filings from 3 in the first quarter to 14 in the second, while Toyota went from 25 to 29 patents during the same period. These patents highlight the companies’ commitment to using blockchain for various automotive applications.
Blockchain in Vehicle Ownership
One notable Ford patent involves using blockchain for vehicle ownership tracking. The system would securely manage and record changes in ownership through smart contracts, which would automatically execute when certain events occur. This would simplify the process of transferring both the vehicle and its title.
Toyota’s Blockchain for NFTs
Toyota is also exploring blockchain, specifically for managing NFTs (non-fungible tokens) related to vehicles. This system would ensure accurate tracking of vehicles in storage using blockchain, making inventory management more reliable.
Shift Away from Fully Autonomous Cars
Both automakers are shifting their focus from fully autonomous vehicles to advanced driver assistance systems, reflecting the broader industry’s struggle with the challenges of driverless technology. While optimism remains, companies acknowledge that robotaxis and similar vehicles are not yet ready for widespread use.
Blockchain and Autonomous Vehicles
Blockchain may still play a role in future driverless car systems. Ford and Toyota are exploring how blockchain-based city infrastructure could help advance autonomous vehicle technology, potentially giving them a competitive edge in the long run.
Blockchain: A digital ledger that records transactions across multiple systems to ensure transparency and security.
Smart Contracts: Self-executing contracts with terms directly written into code.
NFTs (Non-Fungible Tokens): Unique digital assets stored on a blockchain, often used to represent ownership or authenticity.
