The automaker is considering using blockchain and DAO tools to streamline operations.
Toyota, the world's largest carmaker, is learning about blockchain use cases through a Web3 hackathon for DAO developers.
Toyota, the largest carmaker in the world, is learning more about blockchain use cases as a result of its participation in a Web3 hackathon for DAO developers.
On February 1, Astar, a network for multichain smart contracts and decentralised apps (DApps), hosted its first Web3 hackathon. But the important development was that it was being funded by Toyota Motor Corporation.
The founder of Astar Network, Sota Watanabe, commented on the importance of Toyota's involvement in the project, saying, "At the event, we hope to establish the first PoC (Proof of Concept) DAO tool for Toyota employees." Users of the Astar Network will frequently contact with products through Toyota employees if a high-quality tool is produced.
According to the press release, the global automaker is holding its first Web3 event as it seeks to use cutting-edge technology to "support its objective of boosting the company's operations."
The Astar Foundation has donated $100,000 to the event, which will be used to fund awards for the top initiatives as determined by Toyota.
On the Japan-based layer-1 blockchain known as the Astar Network, participants will produce all of their goods. The hackathon will take place in the Polkadot-based COZMISE metaverse.
Toyota has previously played around with blockchain technology and cryptocurrencies. In 2020, Toyota's IT department worked with the Japanese cryptocurrency exchange DeCurret to develop a digital token bearing the Toyota brand.
Toyota established a blockchain lab in 2020 to investigate the potential of distributed ledger technology and its use in the automotive industry.
Astar (ASTR) prices increased 10.3% after learning the news, and are sitting at $0.06. The token is still 86% below its all-time high despite a 52% climb in the past month.