Automobile manufacturer, Toyota, plans to explore and experiment with blockchain technology. They are going to sponsor a hackathon on the multi-chain smart contract Astar Network for the same. Toyota believes this is going to improve its business efficiency by using some useful management tools on blockchain. This is quite an interesting development in the crypto space.
Toyota is building a DAO
The developers of the automobile manufacturer will be building a decentralized autonomous organization on the Astar network. It will be a para chain on the Polkadot ecosystem and will help the business in making efficient decisions and team management. Coming to the hackathon even they are sponsoring, Toyota plans to build at least the first proof of concept in the event.
Now, they are not sure how useful this new tool would be. But, yes, if it is good, Toyota employees will be working closely with the Astar network. The company is also considering the possibility of using blockchain technology in its cars.
This isn’t the first time that Toyota is exploring blockchain tech. The company revealed in 2020 that they are exploring blockchain apps for automobiles. By 2022, many car manufacturers have already entered the blockchain industry via NFTs, crypto payments, and more, but Toyota was left behind. So, this will be their first major step in the space.
About Astar Network
Astar Network provides the infrastructure for building dApps with EVM and WASM smart contracts offering developers true interoperability with cross-consensus messaging (XCM) and a cross-virtual machine (XVM). Astar’s unique Build2Earn model empowers developers to get paid through a dApp staking mechanism for the code they write and dApps they build.
The blockchain network is doing really great in terms of building tools, collaborating with brands and delivering value. They have partnered with NTT Docojomy and also was awarded the product of the year by Japan’s blockchain association.
Astar currently has $42 million in total value locked, with about $17 million being stored on Arthdex. The company’s nature token, ASTR, has a market cap of $234.5 million and has been doing well in 2023 so far.
What are your thoughts as Toyota plans to explore and experiment with blockchain tech? And do you think blockchain apps will be used in automobiles in the future? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends and family.
Also Read: Blackrock increases stake in crypto-friendly bank Silvergate.