Toyota Takes Blockchain Path To Autonomous Cars, UBI

 Thursday, June 1, 2017

 Insurance Business

Japanese automaker Toyota is taking a different approach to usage based insurance in its partnership with the Massachusetts Institute of Technology (MIT) Media Lab. The joint project between the US-based Toyota Research Institute and the Media Lab aims to develop a proof of concept that will make use of current drivers’ data to influence the creation of future autonomous vehicles. According to trade publication Information Management, the use of the distributed time stamped ledgers will allow developers to leverage data while ensuring security and ownership over the information, two issues which have hampered the growth of telematics in the past.