Ford Motor had eight patents in metaverse during Q2 2024. Ford Motor Co has developed methods and systems for decentralized vehicle management, utilizing blockchain technology to store ownership data and smart contracts that automatically execute based on real-time event data. This system allows for tracking changes in ownership and controlling vehicle usage through customizable permissions, with digital keys generated for operators linked to the vehicle. GlobalData’s report on Ford Motor gives a 360-degree view of the company including its patenting strategy. Buy the report here.
Smarter leaders trust GlobalData
Ford Motor had no grants in metaverse 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 (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 key management, are performed based on the execution of these smart contracts. Additionally, the system allows for the association of new data with the vehicle through the execution of specific smart contracts by authorized parties, such as insurance agencies, using a streaming service and contract executing VMs.
To know more about GlobalData’s detailed insights on Ford Motor, buy the report here.
Data Insights
From
The gold standard of business intelligence.
Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.
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.
