How TOYOTA will use Blockchain Technology to shape the future of the Automotive Industry
TOYOTA, through the Toyota Research Institute, is looking to embrace new technologies such as electric cars, autonomous driving, and blockchain technology to remake itself into a modern and efficient car manufacturer.
Collaborating with MIT, Toyota is aiming to ascertain how software will help people to familiarize and get comfortable with autonomous technologies. Together they announced a list of partners in the Blockchain Industry that specialize in different aspects of the technology to determine possible applications on the car industry.
“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.” BigchainDB, a Berlin-based start-up is brought in to fill the gap that the shortage of human driving data creates. The three companies created a secure data exchange prototype called the Autonomous Vehicle Data Exchange or AVDEX for short, which allows researchers to buy data from data producers in order to improve Artificial Intelligence and Machine Learning algorithms for autonomous cars.
Oaken Innovations from Dallas, with their hardware technology called Acorns are enabling cars to contribute to the open data exchange. With tokenization of the car identity, they are enabling cars owners to lease their cars to other customers.
Finally Toyota is partnering with the LA based Blockchain solutions company called GEMS to to port the applications it has been developing for the healthcare insurance industry to car insurance. The company provides a ledger for distributed inputs from a number of different sources that can then be used to automate much of the insurance claim process.