Toyota Announces Blockchain Lab after 11 Months of Technology Research

On March 16, the world's largest auto manufacturer Toyota Motor Corporation and Toyota Financial Services announced the opening of their own blockchain laboratory. The laboratory is exploring the possibilities of using blockchain technology in the auto industry and the future of the auto industry with the technology application.

The laboratory was founded in April 2019, and over 11 months, the potential of the blockchain was researched. At this stage, the laboratory’s goal is to accelerate the implementation of business initiatives and expand strategic partnerships outside the group. To achieve this goal, Toyota Motor Corporation is developing a blockchain platform. With its help, users will be able to share data more safely and also use the services of various companies.

Laboratory researchers have identified customer and vehicle identification as a key application for blockchain, as well as supply chain monitoring. In addition, the technology can be used to convert assets into digital form, which will provide more financing methods. It is worth noting that the laboratory plans to accelerate the implementation of existing blockchain platforms around the world - Toyota has long been represented in the blockchain space, in 2016 the company joined the R3 consortium.

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