Toyota To Explore Blockchain Technology For Self-Driving Cars

Toyota Research Institute, owned by Toyota Motor North America stated that it had collaborated with MIT Media lab and five other firms to explore blockchain technology for the development of self-driving cars.

Toyota said that, through this project, the businesses and consumers would be able to share the driving and testing data securely. The sharing and usage of driverless cars will also help to set insurance rates.

The blockchain is a public online ledger of transactions. It became popular as a software underpinning Bitcoin, the first digital currency. The growth in the use of computing power in vehicles paved the way for autonomous cars.

Director of Mobility Services and Chief Financial Officer, Toyota Research Institute, Chris Ballinger said, "Hundreds of billions of miles of human driving data may be needed to develop safe and reliable autonomous vehicles."

Ballinger added, "Blockchains and distributed ledgers may enable pooling data from vehicle owners, fleet managers, and manufacturers to shorten the time for reaching this goal."

Apart from the MIT Media Lab, the other partners in the project include, Bigchain DB, Oaken Innovations and Commuterz. Toyota is also using the blockchain technology to reduce car insurance rates.