The Toyota Research Institute, the automaker's U.S.-based innovation lab, and MIT's Media Lab are collaborating on a proof of concept for blockchain technology in usage-based insurance.

The overarching goal of the project, which will offer two other proofs of concept specific to the automotive industry, is to use current drivers' data to inform the development of autonomous vehicles. Blockchain's distributed-ledger technology ensures security and ownership rights over the driving data are protected, according to project representatives.

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