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Wednesday, 20 June 2018 17:19

Blockchain and Autonomous Vehicles

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Blockchain and Autonomous Vehicles

Autonomous vehicles may be the future of the automobile industry according to the McKinsey and the Boston Consulting Group which projected widespread adoption of autonomous driving by 2035 and valued that particular sector between $77 - $80 Billion dollars. Suffice to say the top auto makers saw the writing on the wall. Two years ago, Ford Motor Company, General Motors, Volvo Cars and Toyota USA announced their partnerships with software companies, like Google, Uber, Tesla Motors, and Apple to help develop autonomous vehicle applications. One of the biggest obstacles in this development is how that has been on everyone’s mind is to pass all this information safely, securely and without data collision - let alone any on-road collisions?

Enter Blockchain. Blockchain technology has come intriguing implications for autonomous vehicles. "Hundreds of billions of miles of human driving data may be needed to develop safe and reliable autonomous vehicles, Blockchain and distributed ledgers may enable pooling data from vehicle owners, fleet managers, and manufacturers to shorten the time for reaching this goal." said Chris Ballinger, TRI's Director of Mobility Services and CFO.

Because blockchain doesn't rely on a central authority to store and verify the data exchange, this means that there isn’t a single point of failure, where malfunction or hacking could equate to serious setbacks for autonomous vehicles on the road. The ability to compile, mine, and analyze data on a blockchain as well as integrate that data into the logistical ecosystem could be instrumental in making autonomous vehicles a safe and viable option.

In order to do so successfully, autonomous vehicles will need to utilize secured, integrated technologies such as radars, LiDAR, GPS, remote odometry, computer vision and hardware and software. These technologies allow the vehicle to accurately assess and navigate within its environment. Vehicles will no longer be self-contained but rather seamlessly connected to roadside infrastructure, with each other and traffic management systems. In this way autonomous vehicles will fall within being part of both the Internet of Things (IoT) and blockchain.

Tapestry Global Enterprises with the Tennessee Blockchain Coalition proposes to help work with tech companies to come up with the solutions which will seamlessly integrate blockchain, AI and IoT. Such solutions will need to be able to economically, and efficiently solve:

  • Data Collection. The way autonomous vehicle data is collected, stored and transacted, by incentivizing it, securing privacy and immutability;
  • Data Security. A major security problem of conventional technologies is the threat of hackers installing a modified, malicious software update which easily compromises the affected systems. Blockchain through usage of public key and private key functionality of cryptography, can require every software update to be signed by the exclusive private key which only the driver, law enforcement, the owner of the vehicles and software developer companies have access to;
  • Reduced latency. Blockchains have many local nodes involved in their architecture which can allow for faster data collection and data transfer - especially through LiFi networks integrated in street lights, traffic lights, et al;
  • Car Sharing. The way car sharing solutions are operating, by offering solutions for intermediary-free ride hailing, car sharing, carpooling, leasing services;
  • Payments. The way payments and micro-transactions systems are designed, through usage of smart contracts and trustless transactions;
  • Insurance Products. The way car insurance products are designed, allowing innovative insurance products, bringing, efficiency, transparency and speed into the car insurance process;
  • Data Audits. The methods that information and history of a vehicle is stored, enabling a transparent database that could give an elaborate account on any given vehicle;
  • Smart City Integration. The way the transportation ecosystem communicates, exchanges, detects errors and self-corrects within smart cities. 

We believe that partnering together with automakers, research labs, educational institutions, transportation companies, suppliers, startups, as well as state and local government agencies - we, at the Tennessee Blockchain Coalition can help in the acceleration of blockchain technology via cross industry adoption that will help solve issues like these in growing market sectors. for the mutual benefit of businesses, consumers, and society.

Read 12522 timesLast modified on Friday, 25 January 2019 17:25

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