Advances in Blockchain-Based Vehicle Technology
Ford and Toyota are leading the way in the development of blockchain-based vehicle technology, as evidenced by recent patent filings. As of Q2 2024, these automotive giants have collectively filed at least 43 blockchain-related patents, demonstrating their commitment to innovation. Despite a decline in overall industry patent filings in Q2, Ford and Toyota have stood out by increasing their filings significantly. Ford went from three patents in Q1 to 14 in Q2, while Toyota increased from 25 to 29 patents. The focus on blockchain technology by these companies is evident in their recent patents, which address several industry concerns. Ford’s patent aims to provide immutable proof of vehicle ownership through smart contracts, while Toyota is exploring an in-house blockchain system to manage NFTs related to its vehicles.
