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Automotive giant Toyota is diving deeper into blockchain technology through its involvement with a Web3 hackathon for decentralized autonomous organization (DAO) developers. Today multi-chain smart contract and decentralized application (dApp) network Astar announced its inaugural Web3 hackathon. However, the most noteworthy news was that the Toyota Motor Corporation was supporting the DAO hackathon. [embed]https://twitter.com/AstarNetwork/status/1620596986616627201?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1620596986616627201%7Ctwgr%5Ed080efdf0da3914916b7d06515e74008a580e1ad%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Ftoyota-to-explore-blockchain-use-cases-via-dao-hackathon[/embed]
Venture by Toyota Into The DAO Hackathon Makes It Its First Web3 Event
It is 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 Astar Foundation has pledged $100,000 in funding for the event which will go towards rewards for winning projects selected by Toyota. Event participants will develop all of their products on the Astar Network, a Japan-based layer-1 blockchain. The hackathon will be hosted in Astar’s Polkadot-based Metaverse, COZMISE. Astar (ASTR) was trading at $0.06 at the time of writing. The token has gained 53% over the past month but remains down 86% from its all-time high.
Previous Experiments With Blockchain
While the DAO hackathon is Toyota's first web3 event, it is not the first time the automotive giant has dabbled in crypto and the blockchain. In 2020, the IT division of the automotive giant teamed up with Japanese crypto exchange DeCurret to develop a branded Toyota digital token. The same year, Toyota established a blockchain lab to explore the future of distributed ledger technology and its role in the automotive industry.