Japanese giant Toyota has announced plans to expand the blockchain initiative to digitize and revolutionize the automotive sector.
According to a press release released by the company, Toyota Blockchain Lab has completed various projects such as tokenizing cars and registering property rights on the blockchain.
The Toyota Blockchain Lab initiative was launched in April last year and aims to integrate technology into the automaker’s infrastructure. The platform was built in collaboration with BUIDL, a subsidiary of the US security platform Securitize.
Toyota Blockchain Lab introduces the concept of “value digitization”
At this moment, Toyota is using blockchain technology for its customers, as well as in car market initiatives. The company introduced the concept of “value digitization”, where the objective is to increase financing techniques by tokenizing assets both in vehicles and through proprietary rights. The press statement stated:
“Toyota Blockchain Lab has been examining plans for promising applications for use and promoting demonstration tests while gaining group knowledge. It also engages in global collaboration with Group companies, including Toyota Research Institute. ”
The company also said that some of the issues it is working on are ID sharing, as well as digitizing customer contracts. Blockchain technology is also used to improve supply and distribution chains. Other potential applications include details of transactions with vehicles for tax purposes, electric charging and parking.
Another interesting project is the Toyota Woven City, launched in January this year. It is about building a city from scratch, whose food will be made with hydrogen and will integrate different new technologies. The city’s infrastructure will be based on blockchain and artificial intelligence.
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