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World’s Second-Largest Automaker Reveals Plan to Accelerate Use of Blockchain Technology

March 18, 2020

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Japanese automaker Toyota Motor Corporation recently unveiled its Toyota Blockchain Lab in collaboration with Toyota Financial Services.

In a press release, the company reveals that the Toyota Blockchain Lab, made up of six Toyota Group companies, has been exploring the use of blockchain for nearly a year. In November of 2019, the lab identified four main use cases.

  • Customer verification

  • Accumulation of vehicle data

  • Supply chain management

  • Asset digitalization to diversify the automaker’s financing methods

The lab now plans to accelerate its blockchain-based initiatives.

According to the company,

“Going forward, Toyota Blockchain Lab will expand its collaborations with various partner companies, further pursue the possibilities of blockchain technology, and accelerate initiatives for business implementation.”

It also aims to work with other companies to facilitate the social implementation of blockchain platforms around the world.

The formation of Toyota Blockchain Lab is part of the automaker’s efforts to become a “Mobility Company.” By using blockchain, the company can foster an open and secure business environment.

“With features such as highly tamper-resistant and fault-resistant, blockchain technology can realize secure data sharing between various parties by improving the reliability of the information.”

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Featured Image: Shutterstock/Faiz Zaki