Toyota Unveils Blockchain Lab Investing Applications in Automotive Industry

Toyota Unveils Blockchain Lab Investing Applications in Automotive Industry
  • Transportation conglomerate, Toyota revealed the Toyota Blockchain Lab dedicated towards exploring the potential of the technology in the transportation sector.
  • The Blockchain Lab is now eyeing strategic partnerships. and implementation of solutions in business.

On 16 March 2020, Toyota Motor Corporation and Toyota Financial Services Corporation jointly disclosed the Toyota Blockchain Lab which was launched in April 2019 in collaboration with four other Toyota Group Companies. The Blockchain Lab is dedicated towards exploring the benefits and use-cases of the technology in the automotive industry.

The press release stated:

“Going forward, to further pursue possible uses in a wide range of areas, including supply chains, mobility services, and “Woven City” announced on January 7, 2020, and create new value in the future, the accumulation of technical knowledge and promoting solutions for implementation in business, is now necessary.”

Toyota’s interest and initiative in blockchain tech traces back to it’s aim of becoming a ‘Mobility Company’ – with extensive services in the domain of transportation. For this to happen, it is important that the costumers enjoy services and connect openly and securely.

The report stated that the future focus of the Blockchain Lab lies in extensive research of the possible applications and promotion of trials and collaboration with other companies. Additionally, the organisation along with the partner companies, will seek to fuel social implementation of blockchain technology.

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Image Courtesy: Pixabay

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