In the crypto space, new companies are emerging everyday unveiling new applications for the blockchain technology and for cryptocurrencies in general. Most of these innovations come from new and young startups. However, on some occurrences, very large and already successful firms are looking to innovate and to incorporate these technologies into their business model. Today, we’ll talk about huge news from Ford, who has filed a patent to improve traffic issues using cryptocurrencies.
The car manufacturer seems to have invented a new peer-to-peer system based around the blockchain technology, emphasizing on the community aspect. The aim of the new system is to reduce traffic congestion. The idea is that cars could communicate with one another and exchange and trade (CMMP) tokens. When a transaction is made, one car could go in front of another, could merge into another lane, or pass another one if required. The system revolves around making traffic better and working with others to benefit the community. Individuals who positively affect traffic will also receive tokens. In addition, drivers could request to go in front of other vehicles if they are late, which would cost them extra tokens.
Ford had previously indicated that, based on their research, traffic was an issue because individuals tend to put themselves first when it comes to arriving on time and finding the best route to go from A to B. Instead, the company claims that a system where a group of drivers operates as a whole, and not just individually, would considerably reduce traffic and work more efficiently. This is why the CMMP system could revolutionize roads in the future.
Will this new innovation and blockchain application see the light of day? As we are moving towards a more decentralized and technologically advanced society, it is not impossible to imagine that it could be integrated into vehicles within the next five to ten years.
TLDR: Famous car manufacturer Ford has filed a patent to introduce a new system based on tokens and peer-to-peer communication to beat traffic congestion. The tokens would be called the CMMP tokens and cars could trade between one another to regulate traffic in unison.