While Ford officially change the chief executive in an effort to remake itself as a future focused vehicle manufacturer, Toyota announced its own step to embrace this next technology. Working with MIT’ s Media Lab, Toyota has enlisted with a host of partners that specialize in different aspects of blockchain technologies to explore how the technology may be applied in the car industry.
Toyota has introduced some software development projects that help users feel more comfortable with the automatous technologies. That means monitoring and distributing information about the safety of individual vehicles, the way users use car and cut down on fraud.
“Hundreds of billions of miles of human driving data may be needed to develop safe and reliable autonomous vehicles,” said Chris Ballinger, director of mobility services and chief financial officer at Toyota’s research institute, in a statement. “Blockchains and distributed ledgers may enable pooling data from vehicle owners, fleet managers, and manufacturers to shorten the time for reaching this goal, thereby bringing forward the safety, efficiency and convenience benefits of autonomous driving technology.”
Initially, Toyota’s research focus on three aspects which are sharing data on every trip that an autonomous vehicle takes, developing tools that users can have to make ride-sharing easier and creating new insurance products that are usages-based for customer who might prefer that coverage.
Toyota not only works with MIT’s Media Lap but also a few startups and smaller companies in the blockchain space such as BigchainDB, Oaken Innovations, Commuterz , Tel Aviv and Gem.