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Cryptocurrencies

Blockchain's new client: Connected cars

Toyota teams with MIT to explore ways to utilize the foolproof technology

Naoshige Shimizu, Nikkei Automotive staff writer | Japan

TOKYO -- Blockchain technology is quickly leaping from bitcoin into automobiles. Just as it took the financial industry by storm owing to its cheap but secure data protection, blockchain has begun attracting interest from the auto industry, which will be handling large amounts of data as it moves into connected and autonomous vehicles.

"Hundreds of billions of miles of human driving data may be needed to develop safe and reliable autonomous vehicles," Chris Ballinger, Toyota Research Institute's director of mobility services and chief financial officer, said in May. "Blockchains may enable pooling data from vehicle owners, fleet managers and manufacturers to shorten the time for reaching this goal," he explained.

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