The same technology that allows Bitcoin to be a viable currency around the world, could be just what Toyota needs to make self-driving vehicles a reality. At least that’s what the automaker and partner MIT now firmly believe.

Toyota Connected

Gathering the Necessary Data Quickly

Chris Ballinger, the director of mobility services and chief officer of finances at the Toyota research institute said it could take hundreds of billions of miles worth of human driving data in order to come up with a self-driving vehicle model that’s actually capable of handling all the common scenarios that you would encounter while out on the road. The main problem with that is actually gathering all that data without it taking an eternity to do so. One way to get hold of as much data as possible is through blockchain technology. The same tech that’s used to operate Bitcoin today. The massive dynamic ledger system could be used to gather driving data from all sorts of vehicles out on the road if implemented properly.

Using the Technology Immediately

Before Toyota begins using all the data collected from the blockchain tech for self-driving purposes, the automaker is going to utilize it in other ways as well. Toyota plans to use the technology to help create more effective insurance policies and insurance discount programs. Toyota also wants to use the technology to make ride-sharing more effective and to share trip data between vehicles within a fleet.

Involving other Automakers to Speed the Process

It’s important to note that Toyota does not want to keep the blockchain system of information gathering private, and instead wants to get other automakers involved as well. More user-data means more information for everyone involved. The more drivers are connected and sharing their data, the more quickly self-driving cars will become possible. That’s why Toyota is hoping to get other automakers connected into the blockchain network as well in the future.

Blockchain technology isn’t new, but it’s highly efficient for collecting data on a widespread scale, and it could be just the thing needed to make self-driving vehicles a reality.