Autonomous Vehicle Technology is on rage and will hit the roads soon. It is completely revolutionizing the way we think about the transportation of both goods and people.
Autonomous vehicles, function by using sophisticated machine learning algorithms to ensure the safety and security of the car and its passengers. These algorithms go through millions of hours worth of user driving data and recognize patterns which are later used to make driving decisions.
Just like the finance sector, Blockchain is here to fuel the autonomous vehicles, and the integration model of these two cutting-edge technologies is a perfect blend.
Blockchain can help the development of autonomous vehicles in 3 cases:
- It facilitates monetary transactions by allowing users to activate smart contracts to make payments automatically without manual intervention;
- It helps vehicles to trace one other;
- Mitigates the risks of hacking.
The American giant car maker, General Motors has filed a patent application with the US Patent and Trademark Office, that shows the possibility of using a blockchain database for data exchange between vehicles and entities. The patent application was published by the U.S. Patent and Trademark Office (USPTO) Nov. 29.
The firm suggested a role in navigation and in reference to blockchain use-case, it stated:
“It is desirable to provide location’s information and densities of vehicles in regions in an online blockchain ledger for interoperable information sharing between vehicles of participants for use in navigating routes.”
In the filing, sharing data between different independent platforms is also proposed. A blockchain exchange for municipalities, local authorities and public facilities such as airports could, it says, determine the “validity of permits and licenses to operate as hacks, taxis, or other for-hire services.”
Further, if a vehicle is ticketed, that information could be shared with a blockchain run by the relevant authority.
Industry collaboration move:
This summer, MOBI, the Mobility Open Blockchain Initiative, announced its formation to explore blockchain for use in a new digital mobility ecosystem that could make transportation safer, more affordable, and more widely accessible. MOBI is actively working with companies accounting for over 70% of global vehicle production in terms of market share.
GM joined BMW, Ford, and Renault as new members of the Mobility Open Blockchain Initiative.
GM has spent considerable time and effort on the autonomous vehicle model, announcing in March that it would begin production of their autonomous vehicles next year.
Are you excited to catch a ride on the Blockchain? So are we.
Link to the original news article can be found here.