Ford Motor had 14 patents in ecommerce during Q2 2024. Ford Motor Co has filed patents for a decentralized vehicle management system using blockchain technology to track ownership data and manage changes in ownership automatically through smart contracts. Another patent involves a method to optimize power storage device charging based on predicted electricity prices. Additionally, a peer-to-peer vehicle sharing method has been developed to match users with available vehicles based on user inputs and availability periods. 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 ecommerce 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 key management.
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 embedded in copies of the blockchain. Transactions for changing ownership, such as fund transfers, title updates, registration, insurance policy changes, and key management, are performed based on the execution of these smart contracts. The system ensures secure and transparent management of vehicle ownership data through decentralized blockchain technology and automated smart contracts.
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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.
