How Blockchain Tech Could Move Self-Driving Cars Into the Fast Lane

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A future with autonomous vehicles is fast approaching – and with it, the idea that blockchain could connect automobiles and other Internet-of-Things (IoT) devices is getting its fair share of attention.

Even though smart houses (where doors, thermostats and appliances are connected to the internet for added functionality) may have seemed more trendy a year ago, blockchain startups are becoming drawn to the potential of connected cars.

“Timing is everything,” said John Gerryts, co-founder and CEO at Oaken. “Now is the perfect time to begin building this stuff out.”

He went on to explain:

“Everyone is in turn with it and on the same page with autonomous vehicles being within reach, depending on who you talk to, in the next 5–10 years.”

The “stuff” Gerryts is talking about includes developing a mechanism that would allow autonomous vehicles to be truly autonomous. This means that a car could refuel, recharge and park on its own – and pay for those services as well.

Opportunity at the edge

Most entrepreneurs in the self-driving car space, said Gerryts, are focused on mobility. However, Oaken is focused on the layers and support systems that could underlie this operation.

To the startup, these edges of the industry could use smart contracts running on a blockchain to connect everything. Plus, cars equipped with a repository of cryptocurrency could purchase services –

Read more ... source: CoinDesk

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