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Toyota presents Blockchain Lab: investigations are already underway


Toyota presents Blockchain Lab: investigations are already underway

On March 16, Toyota Motor Corporation and Toyota Financial Services Corporation launched their Toyota Blockchain Lab. These are six companies from the Toyota group. The laboratory is studying what the future of the automotive industry might look like.

The Blockchain Lab was founded in April 2019 and has been silently examining the potential of blockchain technologies for 11 months. He is now trying to accelerate initiatives to implement activities and to broaden strategic partnerships outside the group.

Toyota wants to become a “mobility company”

Toyota’s goal in studying blockchain technology is to shift the group’s goal to become a more holistic “mobility business”. This should provide a broad platform in the area of ​​transportation.

To achieve this, blockchain must be used to develop an environment in which users can connect more openly and securely with service companies.

Test before you buy

To this end, the Toyota Blockchain Lab is expected to conduct investigations and test projects. A phase of these was completed in November 2019.

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The main areas of application are therefore the areas of customer and vehicle verification. Technology can also be used to monitor the supply chain and digitize assets. This means that the range of funding methods available can be designed in different ways.

With today’s announcement, the organization underlines its vision to continue developing its initiatives until they are implemented and to broaden its strategic partnerships with companies inside and outside the group.

In addition, the laboratory wishes to accelerate the social implementation of the various blockchain platforms existing in the world.

As Cointelegraph reported, Toyota has long been represented in the blockchain space. In 2016, the company joined the consortium of banks and global companies R3.

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