Ford and Toyota Double-Down on Blockchain Patents
Ford and Toyota continue to lead the way when it comes to the development of blockchain-based vehicle technology. The two automakers have doubled down on their blockchain innovation in Q2 2024. This comes from recent patent filings from both automotive firms.
Ford and Toyota filed a total of at least 43 blockchain-related patents in the second quarter of 2024. According to data from GlobalData Patent Analytics and Just Auto, Ford increased its filings from just three in Q1 to 14 in Q2. Toyota improved its filings from 25 patents in Q1 to 29 in Q2.
Ford and Toyota Continue to Lead the Pack in Blockchain Implementation For Automobiles
The patents filed by Ford and Toyota in the past few months address blockchain concerns within the automobile sector. One of Ford’s recently filed patents could provide immutable providence for vehicle ownership. Per the filing, Ford’s system would “manage ownership data of a vehicle … including changes in ownership of the vehicle, via smart contracts that execute automatically in response to real-time event data.” Ford would use the blockchain as an immutable ledger, recording vehicle title changes as they occur.
Also Read: Ethereum Whale Supply Surges as They Acquire 43% of All ETH
One example from Toyota’s recent filings pertaining to blockchain indicates the company is exploring the development of an internal blockchain-based system to manage non-fungible tokens (NFTs) related to its vehicles. The system ensures that vehicles in storage, such as those held by dealers until they are sold, are accurately reflected on the blockchain ledger. According to GlobalData Patent Analytics, Toyota ranks #1 for companies by patenting activity related to blockchain in the global automotive industry in Q2 2024. Ford sits a fair while behind at #2, with State Farm Mutual Automobile Insurance at third.
Around the world, blockchain technology is gaining prominence in daily finance. More countries are turning to online tech to make cross-border transactions quicker and easier. Crypto investors work predominantly on blockchains to keep transactions safe, private, and secure. The technology is even growing in popularity in the auto industry, and it is becoming more crucial to different avenues.