Ford Motors Granted Patent for the Creation of Blockchain-Powered Cars

The world as a whole is always seeking for superior ways of doing things; which explains why blockchain technology and cryptocurrencies are gradually going mainstream.

Ford Motors Catches Crypto Fever

According to reports, the United States Patent and Trademark Office (USPTO) has given a subsidiary of Ford motors the go-ahead to build cryptocurrency-powered cars.

The unique autos will enable users to perform cryptocurrency transactions and reach their destinations in a fabulous fast manner.

The system by the Ford team is referred as Cooperatively Managed Merge and Pass (CMMP). Ford Global Technologies applied for the patent in the year 2016, but the USPTO just granted the company the exclusive license this month.

According to Ford, the CMMP is purely a crypto-powered ecosystem that concentrates on making people reach their destinations quicker through bypassing traffic gridlocks. It’s a cars-to-cars or vehicle-to-vehicle communication world where cars of the platform members communicate with each other about traffic jam with the assistance of GPS.

Likewise, the system tracks and retrieves driver data. Some portions of the patent read:

“The CMMP system works with individual token-based transactions, where the merchant autos and the consumers’ vehicles concur to trade units of cryptocurrency.”

While this is a great innovation, there are concerns of how personal data of individuals will be stored. That’s because the giant social media platform Facebook recently got into trouble for inappropriate handling of users data. Thus, Ford will be forced to remain keen on this sensitive area.

The patent further elaborates how users of this technology are offered “preferential lane access” in moments of traffic gridlock, permitting them to rove in and out of congestions for a crypto fee.

“Merchant autos voluntarily take up slower lanes of traffic to make easy for the consumer vehicle to join their lanes and pass as needed,” the patent explained.

Merchant automobiles obtain the CMMP tokens as rewards for assisting users of the platform overcome traffic gridlocks.

For instance, a driver of a consumer auto which is getting late for an appointment may ask to pass any participating merchant auto for 10 minutes on a specific highway or road for 60 CMMP tokens, at a charge of 10 seconds preferential access per token.

If the Ford crypto auto project comes to life, it will certainly boost the adoption of virtual currencies, particularly if the platform will integrate with other established digital currencies such as bitcoin and ethereum.

Ford Wins Patent for Cryptocurrency-Fueled Vehicle Technology