Toyota is investigating blockchain web3 through Astar Network’s Hackathon
Astar Network is a multi-chain smart contract developed by the Japanese automaker Toyota. Ultimately, the program will provide use cases and create web3 experiences that will serve as the basis for the company’s decision-making.
During the boot camp, Web3 developers will learn how to create an intra-company decentralized autonomous organization (DAO) support tool using the Astar Network; with this alliance, they can form teams, create governance tokens, and vote without having to learn Web3’s specifics.
The creator of Astar Network, Sota Watanabe, said the company plans to provide Toyota employees with a DAO proof-of-concept tool to facilitate daily interactions and set the stage for future blockchain collaborations.
It will be the first metaverse on the Astar Network and will take place at Cosmize Event Hall. While the Japanese giant played a major role in web3 back in the day, it had previously partnered with Japan’s largest mobile carrier, NTT Docomo, to make web3 moves.
Toyota, on the other hand, has been exploring blockchain possibilities and opportunities through its groups and subsidiaries since 2020. Nonetheless, its current collaboration with Aster Network will be one of its most significant forays into blockchain technology and potential Web3 integration.
The latest development coincides with Japan’s recent announcement to establish a DAO to investigate web3. Furthermore, the Ministry of Economy, Trade, and Industry Japan currently has a web3 office that will provide all of the assistance required to properly capitalize on web3 opportunities.
Car manufacturers are utilizing blockchain technology
Different automakers have used Web3 and blockchain features in a variety of ways. BMW hired Coinweb’s advisory services on December 29, 2022, to help manage its cross-chain loyalty program, contract set-up, contract implementation, and finance.
Mercedes-Benz, a German automaker, has also been actively investigating blockchain technology for logistics, rewards programs, and the use of NFT as advertising tools. Other automakers, including Renault, Ford Motors, Lamborghini, Hyundai, and Indian automaker Maruti Suzuki, have all used blockchain in different ways.
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