Cryptocurrencies continue to expand into all areas of our society. For example, last July the company Ferrari has started accepting crypto payments in Europe. Ferrari is not the only car company involved in cryptocurrency. Ford and Toyota appear to be actively exploring blockchain solutions.
Toyota and Ford: dozens of blockchain patents
Car manufacturers Ford Or Toyota will no longer be presented. These are located around the world and are a benchmark.
Although they might seem unrelated at first glance, The automotive industry and blockchain seem to go well together.
At least that’s the result of the research and development work of both manufacturers. So, Ford and Toyota have filed 14 and 29 blockchain patents, respectively in the second quarter of 2024, according to GlobalData Patent Analytics.
Through this research, both manufacturers are looking to integrate blockchain into title management and vehicle traceability.
So Ford focuses on a system based on smart contracts For secure and automate vehicle transactions.
Toyota, for its part, is exploring another way to use it NFT for dealer inventory managementguaranteeing immediate stock update thanks to immutable register.
An interest that erodes
Although new patents connecting crypto and cars are frequently filed, the trend is downward.
Indeed, looking at the history over the last few years, we see a clear decline in the interest of automotive manufacturers in blockchain.
The number of patent applications was thus 170 in the second quarter of 2024 compared to 198 in the first quarter.
This is even more striking when compared to 2020, which marked the peak of the automotive industry’s interest in blockchain.
It is clear that both manufacturers are not on the first try. So in February 2023 the company Toyota revealed its desire to test DAO in its internal organization. The goal is to create a more participatory model where employees can participate in decision-making.
