Toyota Is Partnering With MIT Media Lab To Apply Blockchain Technology To Future Self-Driving Cars

As years go by, the speed of technology continues to grow rapidly. The auto industry is a proven fact of how fast technology grows, and Toyota is making the way to stay ahead of the game. Many automakers are promising that self-driving cars will be making their way to the streets sooner than later, and we are all waiting in anticipation. The big news of Toyota developing a strategy that uses blockchain to increase the availability of information that could improve driverless car technology, is causing major attention to the leading automaker. 

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!  
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