Blockchain is piercing every sphere. Be it banking, telecom, or as we’ll discuss here, the automotive industry. And it comes as no surprise considering the various advantages it brings to the table.
Seeing this Toyota has decided to incorporate blockchain into their automotive manufacturing as proposed in their recent patent 20200265442A1.
But before we jump into it, let’s refresh our memories on what Blockchain is.
At its most basic level, blockchain simply means a chain of blocks, but not in the literal sense. Here “the block” is digital information that is stored in a public database i.e. “the chain.”
It’s not surprising that Blockchain made its way in the different industry but financial is its most crucial one.
So, it’s obvious that the financial companies are the ones most researching blockchain technology.
But due to its capability to store information in a secure environment, it could be able to attract the big players of the other industries as well.
Toyota undoubtedly is one of the biggest players in the automotive industry.
So now that we have this in order let’s see what Toyota proposes in their new patent.
What does the Patent discuss?
They discuss a method through which vehicle information could be stored on a blockchain ledger.
Toyota wishes to use this method to provide their automobile users to a vehicle customer service platform. The blockchain ledger will store vehicle information, communication circuitry, and a blockchain processor.
The blockchain ledger will be updated based on input from the user entity.
The communication circuitry will be configured to communicate with updating information including user details.
The blockchain processor on the other hand will be configured to provide a vehicle customer service platform to the user and update the blockchain ledger based on input received from the user.
But while the blockchain-based method will help Toyota users have a trouble-free experience with their customer service platform, there are various benefits that the automotive industry can reap with the help of blockchain.
Blockchain, for instance, can help manufacturers follow all the car parts that could be lost in delivery, stolen, replaced or damaged, etc. and help car owners with insurance and while buying and selling a car.
Hopefully, in the future, blockchain will bring with it positive changes to the automotive industry that will allow more transparency and ease for both the manufacturers and buyers.