Ford Motor had ten patents in blockchain during Q2 2024. Ford Motor Co has developed methods and systems for decentralized vehicle management, storing ownership data on a blockchain, controlling vehicle usage through smart contracts, joining marshaling convoys, and communicating privacy rights for data captured from vehicles. These innovations aim to enhance vehicle ownership, operation, and data privacy through advanced technology solutions. GlobalData’s report on Ford Motor gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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Ford Motor had no grants in blockchain as a theme in Q2 2024.
Recent Patents
Application: Decentralized management of vehicle ownership (Patent ID: US20240185180A1)
The patent filed by Ford Motor Co. describes a decentralized, distributed vehicle management system that utilizes blockchain technology and smart contracts to manage ownership data of vehicles. The system allows for real-time tracking of ownership changes and interactions between various users linked to the vehicle, such as sellers, buyers, lending institutions, insurance agencies, regulatory authorities, and government agencies. Smart contracts stored in non-fungible tokens (NFTs) on the blockchain facilitate transactions related to vehicle sales, including fund transfers, title updates, registration, insurance policy changes, and digital key generation.
The method outlined in the patent involves creating NFTs for the vehicle, owner, and buyer, each containing specific smart contracts that dictate conditions for selling and purchasing the vehicle. Event data triggers the execution of these smart contracts by contract executing virtual machines (VMs) embedded in copies of the blockchain installed on computing devices. Transactions for changing ownership, such as fund transfers, title updates, registration, insurance policy changes, and digital key generation, are performed based on the execution of these smart contracts. The system ensures secure and automated management of ownership data through decentralized blockchain technology and smart contracts executed by VMs across different copies of the blockchain.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
