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The automaker investigates DAO tools and blockchain integration to enhance corporate processes.
Toyota is going deeper into blockchain use cases by participating in a Web3 hackathon for decentralized autonomous organizations (DAO) developers.
Astar, a multi-chain smart contract and decentralized application (dApp) network, announced its first Web3 hackathon on February 1. The important news is that Toyota Motor Corporation is funding it.
Sota Watanabe, the founder of the Astar Network, commented on Toyota’s engagement in the initiative:
“During the event, we aim to develop the first PoC (proof of concept) DAO tool for Toyota’s employees. If a good tool is produced, Toyota employees will interact daily with products on the Astar Network.”
Toyota’s inaugural Web3 event comes as the international automaker turns to develop technologies to “help its ambition of enhancing the company’s operations,” according to the release.
The Astar Foundation has committed $100,000 to the event, which will be used for award-winning initiatives chosen by Toyota.
Participants will create all their goods on the Astar Network, a layer-1 blockchain in Japan. The hackathon will take place in COZMISE, Astar’s Polkadot-based Metaverse.
Toyota is hardly the first company to dabble in cryptocurrency and blockchain technology. Toyota’s IT division collaborated with Japanese crypto exchange DeCurret in 2020 to create a customized Toyota digital token.
In 2020, Toyota created a blockchain lab to investigate the future of distributor examples, such as, For example, ed ledger technology and its relevance in the automobile industry.
On the announcement, Astar’s (ASTR) price jumped 10.5% to $0.06 at the time of writing. The token has gained 53% in the last month but is still 86% below its all-time high.