Toyota Motor's (TM) - Get Report Toyota Research Institute, a wholly owned unit of the automaker, said today that it has teamed up with MIT Media lab and five other firms to explore blockchain technology for the development of autonomous vehicles, Reuter reports.

The initiative would allow businesses and consumers to safely exchange data on testing and driving, Toyota said.

The database would use blockchain, a public online ledger of transactions using bitcoin, the first digital currency.

"Hundreds of billions of miles of human driving data may be needed to develop safe and reliable autonomous vehicles," said Chris Ballinger, Toyota Research Institute's director of mobility services and chief financial officer. "Blockchains and distributed ledgers may enable pooling data from vehicle owners, fleet managers, and manufacturers to shorten the time for reaching this goal."

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