Ford and Toyota Push Ahead in Blockchain Vehicle Technology

Ford and Toyota are leading the charge in the development of blockchain technology for the automotive industry, as evidenced by their recent patent filings. In the second quarter of 2024, the two companies submitted a combined total of 43 blockchain-related patents, bucking the industry trend of declining filings in the same period.

Patent Filings and Blockchain Innovation

Ford significantly increased its blockchain patent filings from just three in the first quarter to 14 in the second quarter. Toyota, already ahead, continued its dominance with 29 filings, up from 25. Both companies are exploring blockchain solutions to improve various aspects of vehicle management, ownership, and operational efficiency.

The top five companies by blockchain patents filed in Q2 2024, with 29, 14, seven, six and six, respectively. Source: GlobalData Patent Analytics

For instance, Ford’s patents include a system for securely managing vehicle ownership records using blockchain technology. This system would use smart contracts to automatically update and track changes in vehicle ownership, providing a tamper-proof ledger of title changes.

Toyota, on the other hand, has filed a patent for a blockchain-based system designed to manage non-fungible tokens (NFTs) related to vehicle storage. This system would ensure accurate tracking of vehicles held by dealers, with their status reflected on a blockchain.

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Blockchain’s Role in Driver Assistance Technology

Both Ford and Toyota are shifting their focus from fully autonomous vehicles to enhanced driver assistance systems. While the broader autonomous vehicle industry remains optimistic, there are still significant challenges to overcome before robotaxis become mainstream. The companies believe that blockchain technology could provide an edge in this evolving landscape.

One area of interest is blockchain-based infrastructure, which could potentially enhance the coordination and safety of driverless cars in urban environments.