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Automotive Companies Understand Potential of Blockchain
Remember a few weeks ago when we discussed how blockchain could truly impact self-driving cars? (Read about it here, if you didn’t get a chance to check it out!) Well, here’s a real-life example of it! Toyota has actually started implementing the technology in their autonomous vehicles, in two distinct ways.
First, it will help with data collection. In order to ensure safety with self-driving cars, a distributed ledger is ideal because millions of miles of data are required. Pooling of data could then be used to shorten the time it takes to reach the goal of mass-produced, self-driving cars.
Second, it collects data for individual drivers, and actually gives them access to their information. From there, they’d have the choice of sharing their data with insurance companies, or keeping it to themselves. Blockchain gives back the power to the individuals.
Future of Blockchain in the Auto Industry
Self-driving cars, of course, are more than a few years away from the industry’s ultimate goal. What that means, though, is steps are taken every day to bring autonomously driving vehicles to the masses. So, Toyota is making moves towards data collection through blockchain technology.
If a centralized platform were to handle this kind of undertaking, the job would be far more difficult. Because many computers form a distributed ledger, inputting large pools of driving data significantly reduces the amount of time necessary for implementing the technology.
As society advances technologically, we’ve always found newer, better, faster ways to do things. Blockchain technology is no different. It provides a springboard for decreased data collection times in the automotive industry, as well as other niches across the board. In the end, blockchain will truly help bring about the next big wave of technological discovery.