Ford and Toyota expand focus on blockchain technology in vehicles

Ford and Toyota are strengthening their commitment to blockchain innovation within the automotive sector, as evidenced by their latest patent filings.

Recent data from GlobalData Patent Analytics and Just Auto reveals that both automakers have ramped up their efforts to develop blockchain-based technologies in Q2 2024.

Ford and Toyota filed a combined total of 43 blockchain-related patents during this period, reflecting a significant increase in activity compared to the first quarter.

Ford's blockchain patent filings grew from just three in the first quarter of 2024 to 14 in the second quarter.

One of the company's notable patents describes a system designed to manage vehicle ownership data through blockchain technology.

This system would use smart contracts to automatically record changes in vehicle ownership based on real-time events.

"Ford’s blockchain system would manage ownership data of a vehicle... via smart contracts that execute automatically," according to the patent filing.

This approach leverages blockchain's immutable ledger to ensure transparency and reliability in tracking vehicle title changes.

Meanwhile, Toyota remains at the forefront of blockchain implementation in the automotive industry.

The company increased its blockchain-related patent filings from 25 in Q1 to 29 in Q2.

One of Toyota’s recent patents explores the use of blockchain technology to manage non-fungible tokens (NFTs) related to its vehicles.

This system aims to provide a secure and transparent method for managing vehicles held in storage, such as those at dealerships, ensuring accurate inventory records on the blockchain ledger.

Toyota leads the global automotive industry in patenting activity related to blockchain, with Ford following in second place and State Farm Mutual Automobile Insurance in third.

The continued focus on blockchain technology by these leading automakers underscores the growing importance of digital innovations in enhancing transparency, security, and efficiency in the automotive sector.

With both Ford and Toyota pushing forward with blockchain developments, the industry may see a shift towards more digital, secure, and automated processes in vehicle management and ownership.