Ford and Toyota are doubling down on blockchain technology as they lead the automotive industry in a new direction. Recent patent filings reveal that the two companies are aggressively pursuing blockchain innovations despite a slowdown in autonomous vehicle development.
In the second quarter of 2024, Ford and Toyota filed a combined total of 43 blockchain-related patents, bucking the industry trend of declining patent activity. Ford increased its filings from three in the first quarter to 14 in the second, while Toyota raised its count from 25 to 29 over the same period, according to GlobalData Patent Analytics and Just Auto.
The patents cover a range of applications, from vehicle ownership management to inventory tracking. Ford’s latest patent outlines a system for managing vehicle ownership data using blockchain, employing smart contracts to automate the transfer of ownership in real time. This innovation could simplify the exchange of vehicles and titles by using blockchain as a secure, immutable ledger.
Meanwhile, Toyota is exploring blockchain technology to manage non-fungible tokens (NFTs) tied to its vehicles. This system would ensure that cars in storage, such as those held by dealers, are accurately represented on a blockchain ledger, potentially enhancing supply chain transparency and efficiency.
As autonomous vehicle technology continues to face significant hurdles, both Ford and Toyota are pivoting towards “driver assistance” technologies and exploring blockchain’s potential role in future urban infrastructure. With blockchain-based systems, the automakers aim to gain a competitive edge and possibly reinvigorate the stagnant driverless vehicle market.
While the path to fully autonomous vehicles remains uncertain, Ford and Toyota’s focus on blockchain could redefine the future of mobility, providing new avenues for growth in a rapidly evolving industry.