Our mission is to use blockchain technology to improve the quality of human life. We are dedicated to making automobiles safer, more affordable, and more accessible to everyone, regardless of age or ability, and to expanding the benefit of mobility technology beyond automobiles.
Toyota Research Institute has worked with four global partners to explore the possibilities and develop proof of concept applications using blockchain technology for the new mobility ecosystem. As a team, our initial focus revolves around three areas of mobility: data sharing, peer-to-peer transactions and usage-based insurance.
We are exploring use of blockchain technology for companies and individuals to securely share and monetize their driving information and access the data contributed by others in a secure marketplace.
Blockchain-based tools have the potential to empower vehicle owners to monetize their asset by selling rides, cargo space or even use of the vehicle itself. The blockchain can store data about the vehicle’s usage, such as travel routes, distance and time, and information about vehicle owners, drivers and passengers to craft a “smart contract” that verifies the transaction.
Allowing a vehicle’s sensors to collect driving data and store it in the blockchain, vehicle owners may be eligible to further lower their insurance costs through data analysis of safe driving habits, feedback to improve safety, and transparency to reduce fraud.