May 23, 2017 at 13:35 // News

Nina Lyon Author

The Toyota Research Institute has announced it has partnered with MIT Media lab to explore Blockchain technology and the possibilities of using its advantages for self-driving cars.

According to a report , the wholly owned unit of Toyota Motors North America has also teamed up with Bigchain DB company, which is building the database, Oaken Innovations, the company developing an application for car-sharing and payments, and the Commuterz startup, that is creating car-pooling, on a new Blockchain project for driverless cars.

Toyota aims to use Blockchain in secure data sharing on testing and driving. Moreover, they plan to use Blockchain in collecting, storing and sharing driving data to help set insurance rates, lower insurance costs and reduce fraud.

Chris Ballinger, the Toyota Research Institute's director of mobility services and chief financial officer commented:

"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."

Blockchain technology in future automotive industry

Now, car manufacturers and companies working in the automotive industry are keen to use distributed ledger technologies in their products.

Daimler AG, a German automotive corporation that owns the Mercedes-Benz brand, has recently joined a Hyperledger project to to build a cross-industry blockchain standard, for customers, supply chain, digital services, financial services and financing tools. Moreover, Daimler Financial Services AG has acquired a Bitcoin and other cryptocurrencies payment services provider – PayCash Europe.

In 2016, a private technology company, Acronis, proposed using Blockchain technology for a software solution that allows a determination of the level of responsibility between the owner of the car and the self-driving car manufacturer if there is a car accident. Acronis has also developed Blockchain-based software that can track and store the racing car data for the Italian Formula One racing team Scuderia Toro Rosso.