The Toyota Motor Corporation has in the past stated that it wants to see a driverless car in the streets by 2020, and even invested $1 billion in building a new research institute that would bring artificial intelligence and robotics to its cars. The institute, dubbed Toyota Research Institute (TRI), has ecently announced it is going to take steps towards the future of driverless cars with the use of blockchain technology, according to Reuters.
To do so, Toyota has partnered up with the MIT Media Lab and other technology companies that specialize in various aspects of blockchain technology, to explore how it can then be applied to improve autonomous cars. The project, according to Toyota, would allow businesses and consumers to safely share data on every trip autonomous vehicles take.
Moreover, blockchain technology can be used to develop tools that will make ride-sharing easier, and to create new insurance products with lower rates based on usage, as a vehicle’s sensors could collect driving data and store it in the blockchain, allowing insurance companies to lower costs to those with safe driving habits.
Toyota Taps Blockchain Tech for Self-Driving Cars
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