Ford And Toyota Lead Blockchain Vehicle Technology Development

According to Cointelegraph, Ford and Toyota are at the forefront of developing blockchain-based vehicle technology, as evidenced by recent patent filings from both companies. In the second quarter of 2024, Ford and Toyota collectively filed at least 43 blockchain-related patents. Despite a general decline in industry patent filings from the previous quarter, both companies increased their submissions. Ford's filings rose from three in Q1 to 14 in Q2, while Toyota's increased from 25 to 29 during the same period, according to data from GlobalData Patent Analytics and Just Auto. The patents filed by Ford, Toyota, and other automotive companies address various sector concerns. Ford's recent patent aims to provide immutable provenance for vehicle ownership through a system that manages ownership data via smart contracts. This system would use blockchain as an immutable ledger to record vehicle title changes, allowing for the autonomous execution of smart contracts to exchange both the vehicle and its ownership assets. Toyota's recent patent indicates the company is developing an internal blockchain-based system to manage non-fungible tokens (NFTs) related to its vehicles. This system would ensure that vehicles in storage, such as those held by dealers until sale, are accurately reflected on the blockchain ledger. Both Toyota and Ford are also adjusting their strategies to focus on driver assistance technologies over fully autonomous vehicles. A recent industry gathering highlighted that while optimism remains high, the challenges preventing the public deployment of robotaxis have yet to be resolved. The shift towards blockchain technology could provide both companies with a competitive edge, even in the autonomous vehicle sector. One key area of exploration is the impact of blockchain-based city infrastructure on driverless vehicle technology.