Ford and Toyota have bolstered their push into blockchain technology, significantly increasing their patent filings during the second quarter of 2024. Data from GlobalData Patent Analytics and Just Auto shows both companies are doubling down on efforts to advance blockchain-based vehicle solutions.
Ford’s patent filings soared to 14 in Q2, up from just three in Q1, while Toyota pushed its total from 25 to 29 over the same period. These filings reflect a combined total of at least 43 blockchain-related patents between the two automakers.
Ford’s latest innovation seeks to secure vehicle ownership data with blockchain technology. Their new system would track ownership changes through smart contracts that trigger automatically based on real-time data. This creates an unchangeable ledger for vehicle title transfers, boosting transparency and security.
Toyota’s recent patents focus on leveraging blockchain for managing non-fungible tokens (NFTs) linked to vehicles in dealer storage. This approach guarantees accurate vehicle tracking, positioning Toyota as the top patent filer in the global automotive blockchain space for Q2 2024. Ford takes second place, with State Farm Mutual Automobile Insurance following in third.
As blockchain technology expands into more sectors, its impact on the automotive industry continues to grow. Already a key player in finance and secure transactions, blockchain is becoming essential for innovative solutions within the automotive world.
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