Toyota has become the first company to explore the potential of Blockchain technology in a future of driverless cars. While initiatives such as tesla are making headway into such technology, via Toyota’s Research Institute it hopes to use Blockchain technology during the initial testing phase to monitor progress of the cars and calculate risk and potential improvements. The project is being developed with aid from the likes of the MIT Media Lab, BigChain, Oaken Innovations and Commuterz.
The project also hopes to bring in many practical implications in the future as Toyota hopes to use the Blockchain to prevent fraud and even allow calculations of insurance rates as driverless cars will be able to communicate with the digital platform.
“Hundreds of billions of miles of human driving data may be needed to develop safe and reliable autonomous vehicles. Blockchains and distributed ledgers may enable pooling data from vehicle owners, fleet managers, and manufacturers to shorten the time for reaching this goal.”
The company joins the likes of Daimler AG, the parent company of the Mercedes Benz label, who announced their partnership with the hyperledger project. While Toyota aims to develop a use for Blockchain technology in the automotive industry, Daimler has its eyes set on the benefits it can bring to supply chains integral in the sector.
To conclude, while many of the applications for Blockchain technology have centered around its fintech potential, Toyota becomes one of the few to experiment with its capabilities in the automotive industry. It is aimed to utilize the flexible and transparent nature of the technology to collate huge masses of data which have become pivotal in developing safety programs for potential customers of driverless technology.