Toyota to explore blockchain use cases with Astar Network’s web3 hackathon

Adeniyi Odukoya
Toyota to explore blockchain use cases with Astar Network’s web3 hackathon

Toyota is looking to explore blockchain use cases by sponsoring a Web3 hackathon for decentralized autonomous organizations (DAO) developers. The Japanese carmaker has partnered with a multi-chain smart contract, Astar Network, to discover use cases and create web3 experiences that will form the basis of the company’s decision.

Astar announced its inaugural Web3 hackathon earlier today and explained the backing of the Toyota Motor Corporation. Astar Network founder Sota Watanabe commented on the significance of Toyota’s inclusion in the initiative:

“During the event, we aim to develop the first PoC (proof of concept) DAO tool for Toyota’s employees.” “If an excellent tool is produced, Toyota employees will interact daily with products on the Astar Network.”

It’s Toyota’s first Web3 event as the multinational vehicle company looks to emerging technology to “support its vision of improving the company’s operations,” the announcement noted.

Toyota to explore blockchain use cases with Astar Network’s web3 hackathon

The event will take place as a boot camp to help Web3 developers create an intra-company decentralized autonomous organization (DAO) support tool on the Astar Network. This collaboration helps them to create teams, set up governance tokens, and exercise voting powers without being inclined into the nitty-gritty of Web3.

In a statement, Sota Watanabe, the creator of Astar Network, said the company plans to provide Toyota employees with a proof-of-concept DAO tool to facilitate daily interaction and set the basis for more blockchain possibilities with car brands in the future. 

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The Astar Foundation is pledging $100,000 in funding for the event, which will go toward rewards for winning projects selected by Toyota. Event participants will develop their products on the Astar Network, a Japan-based layer-1 blockchain. The hackathon will be hosted in Astar’s Polkadot-based metaverse, COZMISE.

Toyota’s Involvement in Crypto

This is not the first time Toyota has gotten involved in crypto and blockchain. DeCurret, a Japanese crypto exchange, launched a Toyota-branded digital token two years ago. Also, Toyota created a blockchain lab in 2020 to inspect and analyze the future of distributed ledger technology and its functionality within the automotive sector. It has been making moves toward the Web3 industry, as well. 

However, one of its most significant blockchain technologies and future Web3 integration trials will be its present move with Aster Network. The most recent development aligns with Japan’s announcement to establish a DAO that investigates Web3. Additionally, the Ministry of Economy, Trade, and Industry of Japan now operate a Web3 office that will fully offer all the assistance required to capitalize on web3 potential.

Toyota to explore blockchain use cases with Astar Network’s web3 hackathon

Car Brands Exploring Blockchain

Blockchain’s bandwidth is breathtaking. Its qualities have been explored in divergent ways by multiple automobile companies. BMW, Mercedes, Lamborghini, and Ford Motor Company are some automobile companies exploring blockchain. On December 29th, 2022, BMW consulted Coinweb’s advisory services to help manage its cross-chain loyalty program, contract set-up, contract implementation, and finance.

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Mercedes has also been ardently incorporating blockchain peculiarities into its logistics and rewards programs. Mercedes has been using NFT as an advertising tool, so it is impressive for the nascent industry to see legendary and progressive automobile companies jump on the blockchain.

In 2022, Knowafrika compiled a list of ten amazing African automobile companies. This list comprises Innoson Vehicle Manufacturing (IVM), Wallys Car Company, Kiira Motors Corporation, and many others.

In the coming years, it would be awesome to see this group of companies take steps similar to what Toyota is presently doing. The integration of blockchain features in African automobile companies will be spectacular. 


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