Blockchain Innovation: Autonomous Car
Ford and Toyota continue to push boundaries in blockchain-based automotive technology, leading the way with significant patent filings in 2024. According to recent data from GlobalData Patent Analytics and Just Auto, both automakers ramped up their blockchain-related efforts in Q2, positioning themselves as pioneers in this emerging field.
Despite a slowdown in overall patent filings across the automotive sector, Ford and Toyota bucked the trend. Ford increased its blockchain-related patents from just three in Q1 to 14 in Q2, while Toyota upped its total from 25 to 29 in the same period. These filings underscore the growing importance of blockchain technology in addressing industry challenges, particularly as progress in autonomous vehicle development stalls.
Blockchain Meets Automotive Innovation
The blockchain-related patents from Ford and Toyota highlight the growing role of decentralized technologies in the auto industry. Ford’s most recent filing focuses on creating an immutable system for tracking vehicle ownership. Utilizing blockchain as an unchangeable ledger, the system would enable seamless transfers of vehicle titles through smart contracts that automatically execute when triggered by real-time data. This would simplify vehicle ownership exchanges, allowing for faster, more secure transactions.
Toyota’s recent patents explore blockchain use in managing non-fungible tokens (NFTs) tied to vehicles. This system would ensure accurate representation of vehicles held in storage by dealers, creating a transparent and efficient way to track and manage vehicle inventory on a blockchain ledger.
Adjusting Strategies: Driver Assistance Over Autonomous Vehicles
While both companies continue their blockchain innovation, they’ve shifted focus away from fully autonomous vehicles. Recent industry discussions have shown that while optimism remains, the challenges of bringing driverless cars to market have slowed progress. Toyota and Ford are now concentrating on “driver assistance” technologies, which offer a more immediate and practical application for their current capabilities.
Looking forward, blockchain technology could still offer a competitive edge in the autonomous vehicle space. One area of interest is how blockchain-enabled city infrastructure could impact the development of driverless car technologies, potentially accelerating their public rollout.
In the race toward the future of automotive innovation, Ford and Toyota’s strategic use of blockchain technology keeps them ahead of the curve.
