General Motors (GM) may be among the few legacy industries who are expanding the use case of blockchain technology beyond the financial sector. This interest became clear in a patent application submitted on Thursday submitted to the US Patent and Trademark Office.

The patent application published on 29 November by the US Patent and Trademark Office (USPTO), details how blockchain will be applied to manage interoperable data systems for automobiles. Focused on how self-driving cars would store and share data on a distributed ledger, the company wants to extend blockchain applications beyond the current fintech usage. The document reads:

“Blockchain technology while associated with use in the financial sector has applicability to the non-financial sector and in this case, for use with autonomous and non-autonomous vehicle technologies.”

The document further explains how data stored can be shared easily among the blockchain users. More so, the blockchain-based data has an intrinsic role to play in navigation, explaining:

“It is desirable to provide locations 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 document, there’s also a proposed use to exchange data between municipalities, local authorities, and public facilities such as the airports. The essence here is to operate a seamless, verification system among the various entities. It states explicitly that they’ll “implement a common blockchain exchange… [for] validity of permits and licenses to operate as hacks, taxis, or other for-hire services”.

More so, the taxi ticketing industry can profit from it as it can use the blockchain’s perks in storing and sharing data on the immutable ledger.

GM has been making efforts to advance blockchain in the automobile industry. It’s part of a consortium called Mobility Open Blockchain Initiative (MOBI) set up to create a wholesome environment for the transition of the automobile industry into the blockchain space.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

 

Load More Related Articles
Load More By Manuel
Load More In Blockchain
Comments are closed.

Check Also

Abkhazia Deliberating Regulation on Mining Setups

A Russian-controlled energy company operating in the Republic of Abkhazia is considering r…