Toyota is announcing steps to embrace new technology to ensure future centric vehicles for its customers. In a bid to improve its future cars, Toyota will be using ‘Blockchain’ technology to create safer, better self-driving cars. Toyota Research Institute (TRI) is already at an advanced stage of creating autonomous electricity driven cars – the launch dates of which are yet to be specified.
Toyota trying to utilize ‘blockchain’ technology
In collaboration with MIT, Toyota has enlisted a long list of partners that specialize in different aspects of blockchain technology. Blockchain is a powerful encrypted ledger technology that forms the backbone of popular monetary currency BitCoin. The company is going to focus the research efforts on getting the maximum benefits out of the decentralized technology for seamless integration into its already created framework.
Toyota provided details of projects under work to create safety awareness about the self-driving car technology. The projects on display are aimed to make self-driving cars secure, useful, and practical in real world scenarios.
Chris Ballinger, Director of Mobility Services and Chief Financial Officer at Toyota’s research institute said:
“Hundreds of billions of miles of human driving data may be needed to develop safe and reliable autonomous vehicles. 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.”
What is Blockchain Technology?
Blockchain technology maintains a continuous chain of records that continues to grow. Each unit in the data referred to as a block, is connected to another block forming a continuous chain. The information stored in a block cannot be altered once the dataset moves further making it impossible for data tampering problems. The technology provides an extremely fast solution to transaction issues and offers quick verification. They unlike ordinary database tables are secure by design are considered as the most suitable way of storing medical records, identity information, and other record management activities.
Toyota Research Institutes’ partners include
- BigchainDB: data exchange for sharing driving and autonomous vehicle testing data (Berlin based)
- Oaken Innovations: developing an application for P2P car sharing, vehicle access and payments with a newly created mobility token (based in Dallas and Toronto)
- Commuterz: working with TRI on a P2P carpooling solution (Israel based)
- Gem: working with Toyota Insurance Management Solutions (TIMS) – Toyota’s joint venture telematics car insurance company (Los Angeles based)
- Aioi Nissay Dowa: Insurance Services on the usage-based insurance platform