Toyota Chose This Altcoin Project

Automotive giant Toyota is taking a closer look at the use cases of blockchain technology by sponsoring a Web3 hackathon on Astar Network, a multi-chain smart contract network that could potentially provide management tools for its employees. On the Primer Network, one of the first parachains to come to the Polkadot ecosystem, the developers will create an in-house decentralized autonomous organization (DAO) support tool that will enable more efficient business decision-making and team management for Toyota. Sota Watanabe, founder of Astar Network, said:

“During the event, we aim to develop the first proof-of-concept DAO vehicle for Toyota employees. If a good vehicle is produced, Toyota employees will interact with the Primer Network on a daily basis.”

According to Watanabe, this is still in the research phase, but he stated that blockchain technology in cars is possible in the near future. On the other hand, in accordance with the Web3 usage theme, the hackathon will be held at the COSMIZE Event Hall, the first metaverse of the Astar Network.

This isn’t the first time that Astar has collaborated with a large Japanese company, which allows developers to create interoperable decentralized applications (dapps). In November, NTT Docomo, Japan’s largest mobile network, said it would collaborate with the Astar Foundation and Accenture to accelerate Web3 adoption. In December, Primer was also awarded “Product of the Year” by the Japan Blockchain Association.

Toyota has been experimenting with blockchain technology for a while. In 2020, the auto giant announced that it is exploring blockchain applications for the auto industry through a group of several subsidiaries. Since then, the automaker hasn’t made a big leap in technology, despite other corporate giants jumping into token projects, crypto payments, and metaverse integrations, which didn’t quite match the hype cycle of 2021 and the beginning of 2022.

Sponsoring the Hackathon will be another important step forward for Toyota’s experimentation with blockchain technology and potential Web3 integration. “Toyota is looking to Web3 to support the company’s vision to improve its operations, and this online hackathon is the first step in the process,” the statement said. The move came as Japan’s Web3 policy got off to a brisk start this year by politicians eager to ditch the traditionally slow decision-making process. There is now a Web3 policy office under the Ministry of Economy, Trade and Industry (METI). In November, the country’s digital ministry announced it would create a DAO to explore Web3 technology.