HomeAltcoin NewsFord Patents a new Cryptocurrency System for Car-to-car Communication

Ford Patents a new Cryptocurrency System for Car-to-car Communication


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There has been a growing influx of new cryptocurrencies as of late. Various projects and companies want their own token to perform specific tasks. It now seems Ford is thinking along the same lines, at least as far car communication is concerned. A patent has been filed for this specific venture, although nothing has been set in stone as of yet.

Ford is a car company trying to innovate just like everyone else. With their focus on car-to-car communication, interesting things are bound to happen. A new patent filed by the manufacturer raises a lot of questions, though. More specifically, it seems as if the company wants to develop a new cryptocurrency for this specific purpose.

Ford Patents a Cryptocurrency System

The patent was awarded to Ford as of yesterday. It is designed to facilitate the communication between cars on the road. While this may not necessarily warrant the use of a cryptocurrency, Ford still sees merit in this approach. The token will help with coordinating cars’ speed and counter the concept of focusing on travel time preferences. All of this will require a completely new infrastructure, which will monitor driving behavior.

The tokens are also used as some sort of credit system, by the look of things. Drivers can purchase a “free pass” for a specific period of time in exchange for the Ford tokens. Additionally, it seems there will be an option to earn tokens as well.This latter part has not been confirmed as of right now, though. With cars becoming smarter, there are dozens of new opportunities to explore.

The cryptocurrency itself will be referred to as CMMP. It is unclear how it will be created and whether or not users can purchase the currency directly. It is evident Ford has an interesting plan in mind, but there are still a lot of questions to be answered. For now, it will be interesting to see how this new patent affects the company’s development of smart and autonomous vehicles. It’s certainly an intriguing business proposition.

Header image courtesy of Shutterstock

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JP Buntinx
JP Buntinx
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

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