Ford And Toyota Strengthen Blockchain Innovation In Automotive Sector

Ford and Toyota are strengthening Blockchain innovation in the automotive sector (Photo; Doc. Speedlux)

JAKARTA - Ford and Toyota, continue to demonstrate their commitment to developing blockchain-based technology for vehicles. In the second quarter of 2024, these two companies doubled their innovation efforts, marked by a significant spike in patent applications related to blockchain. The move shows how serious they are in utilizing blockchain technology for the future of the auto industry.

Based on data from GlobalData Patent Analytics and Just Auto, Ford and Toyota have filed a total of at least 43 blockchain-related patents during the second quarter of 2024. Ford upgraded its patent filing from just three in the first quarter to 14 in the second quarter. Meanwhile, Toyota raised its submission from 25 patents in the first quarter to 29 in the second quarter, making it a leader in blockchain innovation in the automotive sector.

These new patents focus on blockchain application in the automotive industry, especially to deal with vehicle ownership and asset tracking issues. One of Ford's newest patents, for example, proposes the use of blockchain to provide undisputed validity (immutable evidence) in vehicle ownership.

This system will manage vehicle ownership data, including ownership changes, through automated executed smart contracts based on real-time event data. With this technology, changes in vehicle ownership will be recorded on the blockchain as irreversible ledgers, ensuring transparency and security.

Meanwhile, Toyota explores the development of an internal blockchain-based system to manage non-fungible tokens (NFTs) associated with their vehicles. The system will ensure that vehicles stored in dealers, to be ready for sale, are accurately listed on blockchain ledgers. This move strengthens Toyota's position as the leading company in blockchain innovation in the global automotive industry.

The use of blockchain technology in the automotive industry is increasingly showing its relevance. This technology is not only an important tool in securing financial transactions in various sectors, but also has the potential to become the foundation for various aspects of asset management in the automotive world.

In this context, blockchain can change the way manufacturers and consumers interact with data, especially in terms of vehicle ownership and security.