At Consensus 2017, Monday, May 22nd, Toyota announced the big plan to use blockchain to compile driving data that will assist in the advancement of driverless cars. Through its Toyota Research Institute and partnering with MIT Media Lab as well as several other corporations, they will work together to apply blockchain technology to self-driving cars.
Blockchain is a new way to record and store data in a transparent, public ledge. It's technology distributes data transmissions over a network of independent computers; which is what is popularly known to power the digital currency, Bitcoin. Toyota comes to believe that this type of network could be perfect for everything from autonomous vehicle testing data to ride-share transactions to vehicle-use data for insurance companies.
Toyota confirmed that customers will have complete access to their own data, for the information will be derived from sensors stored in a blockchain in the car. This will allow customers to give their insurance companies clarity to reduce fraud, plus granting them access to driving data to measure safe driving habits.
Toyota is still in the development and research stage of this plan, but with the speed of technology, this could be something revolutionary. This jump into technology could possibly decrease insurance cost for drivers, as well as create new outlooks on carpooling solutions. Where this information and research may lead to is unknown, but Toyota just may be on to something!
