Toyota Dives Deep Into Blockchain Use Case With DAO Hackathon
In line with its move to explore blockchain technology, the Japanese automobile manufacturer Toyota has revealed plans to explore more blockchain use cases. The automobile giant is partnering with developers from the decentralized autonomous organization (DAO) in its latest Web3 hackathon.
Toyota Back Web3 Hackathon
In a press release earlier this week, Astar, the multichain smart contract and decentralized application (dApp) platform, announced the launch of its Web3 hackathon. The Toyota Motor Corporation, the parent company of Toyota automobile, supports this initiative.
Sota Watanabe, Astar Network founder, explained the importance of Toyota’s involvement in the project. She stated that the aim is to create the first proof-of-concept (PoC) DAO tool for the car makers’ employees.
Watanabe added that this blockchain tool would enable the staff of Toyota to interact frequently with the product on the Astar Network platform. It is worth noting that this is Toyota’s first participation in a Web3 event.
The popular vehicle producer seeks to dive into emerging technology to support the firm’s vision of improving the quality of its product. Furthermore, the Astar Foundation has pledged $100,000 to fund the event, which will also be used as a reward for the winning projects selected by the car maker.
Additionally, event participants are expected to develop their products on the Astar Network, a Layer-1 blockchain protocol based in Japan. The upcoming hackathon will take place in Astar’s Polkadot-built metaverse platform, COZMISE.
Meanwhile, this is not Toyota’s first foray into the blockchain and crypto industry. The company’s UT department partnered with the Japanese crypto exchange, DeCurret, in 2020 to create a Toyota-branded virtual token.
In the same year, the automobile giant established a blockchain lab to explore the prospect of distributed ledger technology and its application in the automotive sector.
Using Blockchain To Cut Costs
Since the emergence of blockchain technology, several companies from different sectors have adopted revolutionary tools to boost their daily operations. Also, automobile manufacturers are rushing to integrate blockchain into their activities.
Many of the world’s famous car producers are leveraging blockchain and its tools to cut costs as the resource efficiency demand continues to gain traction across the board. In January 2022, the German luxury car maker Mercedes Benz announced its adoption of blockchain technology to monitor and track its product’s carbon dioxide emissions and integrate the tool into its supply chain system.
Mercedes Benz, at that time, revealed that it seeks to encourage transparency on carbon emissions as the use of cobalt in battery manufacturing continues to pose environmental risks amid concerns from activists. Furthermore, BMW has already launched a zero-carbon program to prove that the batteries in its electric cars contain only clean cobalt, which is incorporated with blockchain technology to track and monitor its suitability to the green initiative.
Even car makers in China are leveraging blockchain to show how materials used in manufacturing their products align with the global green project requirement.
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