Ford and Toyota are doubling down on blockchain technology as the development of fully autonomous vehicles continues to face hurdles.
Recent patent filings reveal that both automotive giants are shifting focus towards integrating blockchain into their future car technologies.
In the second quarter of 2024, Ford and Toyota collectively led the automotive industry in blockchain-related patent filings.
Data from GlobalData Patent Analytics and Just Auto indicates that Ford increased its blockchain patent filings from just three in Q1 to 14 in Q2.
Meanwhile, Toyota topped the charts, moving from 25 blockchain-related patents in Q1 to 29 in Q2. This growth occurred even as the overall number of blockchain patents filed in the automotive sector saw a dip.
Ford’s recent patent filings focus on utilizing blockchain technology to streamline and secure vehicle ownership processes.
One notable patent outlines a system that uses blockchain as an immutable ledger to manage vehicle ownership data.
This technology could enable seamless, secure transfers of vehicle titles through smart contracts that execute automatically upon real-time data events.
With such a system, a car sale could be finalized digitally, where both the physical vehicle and its legal ownership are transferred simultaneously through blockchain verification.
Meanwhile, Toyota is working on an innovative approach to manage non-fungible tokens (NFTs) related to its vehicles.
Toyota’s recently filed patent suggests that the company aims to develop an internal blockchain system to track vehicles in storage, such as those at dealerships awaiting sale.
This technology would ensure that all vehicles are accurately logged and tracked on a blockchain ledger, providing greater transparency and reducing discrepancies in vehicle management.
As the excitement around autonomous vehicles fades due to unresolved technical and regulatory challenges, automakers are increasingly looking to blockchain as a way to enhance their current offerings.
While both Ford and Toyota initially invested heavily in driverless car technology, recent industry gatherings suggest a shift in focus.
Many companies are now prioritizing “driver assistance” features over full autonomy, given the complex hurdles still facing the deployment of self-driving cars.
The pivot towards blockchain could provide Ford and Toyota with a significant competitive edge.
For instance, blockchain-based infrastructure is being explored as a potential solution to some of the challenges facing autonomous vehicles, such as ensuring reliable communication between vehicles and city infrastructure.
Secure, decentralized ledgers could help manage data traffic and prevent cyber-attacks, making driverless technology safer and more efficient.
Both companies’ increasing focus on blockchain technology indicates a strategic move to stay ahead in a rapidly evolving industry.
While fully autonomous vehicles may still be years away from becoming a reality on public roads, the application of blockchain in automotive systems could offer immediate benefits. Integrating blockchain into areas like ownership management, supply chain tracking, and vehicle maintenance helps Ford and Toyota to position themselves at the forefront of innovation, ensuring they remain key players in the future of automotive technology.
