Ford and Toyota, two of the world's leading automakers, are leading the race for innovation, with 43 blockchain patents filed in the second quarter.
According to data from GlobalData Patent Analytics, the number of automotive industry patents related to blockchain technology decreased by 14% in the second quarter (Q2), compared to the previous quarter.
However, for Ford and Toyota the reality is different, as this innovative technology, which has begun to leave its mark on various industries including the automotive industry, continues to be attractive for companies, which are exploring alternatives to improve real-time data management and accelerate the arrival of autonomous vehicle driving.
In a context where innovation is key to growth and competitiveness, these companies have stood out by requesting, together, a total of 43 patents related to blockchain.
Ford and Toyota lead blockchain innovation in the automotive industry
According to the data, the second quarter saw a notable increase in blockchain patent applications from Ford and Toyota, even though overall blockchain patent activity in the automotive industry decreased by 14% compared to Q1.
In Ford's case, the company increased its patent applications 3 to 14, while Toyota went from 25 to 29 blockchain-related patents. These increases, of 360% and 16% respectively for Ford and Toyota, highlight the companies’ strategic shift toward adopting emerging technologies such as blockchain, especially at a time when the development of autonomous vehicles has faced significant challenges.
Source: GlobalData Patent Analytics
Both car companies, which have been exploring the potential of blockchain for years, have seen in this innovation an alternative to improve operational efficiency and address critical concerns such as vehicle ownership and data management. For example, Ford has applied for a patent that allows for immutable management of vehicle ownership through smart contracts, which could facilitate the transfer of ownership in a more secure and efficient manner.
Toyota, for its part, sees blockchain as a key technology for launching a new mobility ecosystem and accelerating the arrival of autonomous driving.
Blockchain and NFTs, solutions to optimize data management in real time
One of the most promising applications of blockchain technology in the automotive industry is its ability to manage data in real time. Both Ford and Toyota are exploring how this technology can streamline the collection and storage of data related to vehicle usage through smart contracts and NFT tokens.
In one of its patents, Ford presented a decentralized vehicle management system that makes use of blockchain and smart contracts to manage vehicle ownership data. According to the patent, the system allows for “real-time tracking of ownership changes and interactions between multiple users linked to the vehicle.” It is an innovative system that could transform the way consumers buy and sell vehicles by allowing for a more fluid and secure transfer of ownership.
Toyota, for its part, is primarily exploring the incorporation of non-fungible tokens to improve vehicle operations, user experiences and vehicle safety.
Since 2017, the Toyota Research Institute (TRI) has been collaborating with the MIT Media Lab to develop a blockchain-based mobility ecosystem that allows users and businesses to securely share data, with the goal of facilitating the management of car-sharing transactions. Functioning as a distributed ledger, blockchain ensures that vehicle usage information is accurate and protected from fraud and manipulation.
Improving autonomous driving through blockchain
As the automotive industry moves towards autonomous driving, the need for a robust technological infrastructure becomes more apparent. Blockchain offers a solution that could accelerate the development of autonomous vehicles by enabling secure and efficient data exchange.
Data collection is critical to training the artificial intelligence systems that power autonomous vehicles. According to Chris Ballinger, director of mobility services at TRI, hundreds of billions of miles of human driving data are required to develop safe and reliable vehicles. Blockchain technology can be key to this goal, by facilitating this collection and allowing vehicle owners to securely share their driving data while maintaining control over their information.
In addition, blockchain technology can help companies manage fleets of autonomous vehicles, optimizing routes and improving operational efficiency. Therefore, Ford and Toyota's interest in this technology is a clear indicator of the future direction of the automotive industry.
As both companies continue to explore and develop blockchain-related patents, its implementation is expected to not only improve operational efficiency but also transform the consumer experience and accelerate the development of autonomous vehicles.
