18073442. DECENTRALIZED MANAGEMENT OF VEHICLE OWNERSHIP simplified abstract (Ford Global Technologies, LLC)

DECENTRALIZED MANAGEMENT OF VEHICLE OWNERSHIP

Organization Name

Ford Global Technologies, LLC

Inventor(s)

Zoheb Mohammed of Farmington Hills MI (US)

Karl Nathan Clark of Belleville MI (US)

Riaz Ulla of Lasalle (CA)

Vladimir Stefanovski of Windsor (CA)

DECENTRALIZED MANAGEMENT OF VEHICLE OWNERSHIP - A simplified explanation of the abstract

This abstract first appeared for US patent application 18073442 titled 'DECENTRALIZED MANAGEMENT OF VEHICLE OWNERSHIP

Simplified Explanation

The patent application describes a decentralized system for managing vehicle ownership data using blockchain technology and smart contracts.

• The system includes a blockchain, a streaming service for real-time event data, and smart contracts that automatically manage ownership changes of vehicles.
• Users linked to the vehicle can create smart contracts that execute based on real-time event data, ensuring efficient and secure ownership management.

Key Features and Innovation

• Decentralized vehicle management system using blockchain technology.
• Real-time event data streaming for automatic execution of smart contracts.
• Smart contracts created by users linked to the vehicle for ownership data management.

Potential Applications

This technology can be applied in:

• Automotive industry for secure and efficient vehicle ownership management.
• Fleet management companies for tracking ownership changes.
• Insurance companies for verifying ownership data.

Problems Solved

• Streamlines the process of managing ownership data of vehicles.
• Enhances security and transparency in ownership transfers.
• Automates the execution of ownership-related transactions.

Benefits

• Improved efficiency in managing vehicle ownership data.
• Enhanced security and transparency in ownership transfers.
• Reduced manual intervention in ownership management processes.

Commercial Applications

• "Decentralized Vehicle Ownership Management System for Efficient Ownership Data Tracking and Storage" can be utilized by automotive companies, fleet management firms, and insurance providers to streamline ownership processes and enhance data security.

Prior Art

There is no specific information provided on prior art related to this technology.

Frequently Updated Research

There is no information available on frequently updated research relevant to this technology.

Questions about Decentralized Vehicle Ownership Management System

How does the system ensure the security of ownership data?

The system uses blockchain technology and smart contracts to provide a secure and transparent way of managing ownership data, ensuring tamper-proof records.

What are the potential challenges in implementing this decentralized vehicle management system?

The challenges may include user adoption, integration with existing systems, and regulatory compliance.

Original Abstract Submitted

Methods and systems are provided for managing, tracking, and storing vehicle ownership data in a decentralized, distributed vehicle management system. In an embodiment, a decentralized, distributed vehicle management system comprises a blockchain; a streaming service configured to provide event data in real time to a contract executing virtual machine (VM) embedded in the blockchain; and a non-transitory memory storing instructions that when executed by a processor of the vehicle management system, cause the vehicle management system to manage ownership data of a vehicle of the vehicle management system, including changes in ownership of the vehicle, via smart contracts that execute automatically in response to real-time event data streamed by the streaming service, wherein the smart contracts are created by various users of the vehicle management system linked to or associated with the vehicle.