Japanese multinational automotive manufacturer Toyota is exploring extending its operations into the digital asset space, including deploying its management tools on a blockchain. The company plans to sponsor a web 3 hackathon on smart contract blockchain Astar, where developers would build an intracompany decentralized autonomous organization (DAO.)
According to Astar founder Sota Watanabe, blockchain-based management tools would enhance business efficiency. The first proof-of-concept DAO tool for Toyota employees is expected to be launched during the hackathon. If the experiments would lead to the creation of viable management tools, says Watanabe, the staff would be using the network regularly. The executive believes that there is a possibility of integrating blockchain in car manufacturing.
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Toyota Blockchain Lab
Toyota is one of the major corporations keen on using blockchain technology to streamline its operations. In 2020, the automaker unveiled a special unit, Toyota Blockchain Lab, to better grasp how blockchain technology can be integrated into the auto sector.
Toyota Blockchain Lab was established in 2019 and comprised six groups of companies. Among the benefits that the platform aims to tap from the sector include – the tamper-resistant and fault-resistant nature of the technology – achieved through partnerships within and outside the group.
Astar network has more than $40 million in total value locked (TVL), most of which comes from its decentralized exchange, ArthDex, with nearly $17 million in TVL. The network’s native token ASTR was trading at $0.05839 at the time of writing, representing a price change of +5% in the past day, and 21% in the last week. The utility cryptocurrency is used for dApp staking, paying transaction fees, and governance.
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