Toyota to experiment with Blockchain Use Cases by sponsoring Astar Network’s Hackathon
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Auto giant Toyota is delving deeper into the use of blockchain technology by sponsoring a Web3 hackathon on multi-chain smart contract network Astar Network, which could potentially provide management tools for Toyota employees.
Developers will build an internal Decentralized Autonomous Organization (DAO) support tool on the Astar Network – one of the first parachains to join the Polkadot ecosystem – that will allow for more efficient decision-making and team management for Toyota. “During the event, we aim to develop the first proof-of-concept DAO tool for Toyota employees,” Sota Watanabe, the founder of Astar Network, said in a statement.
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“If a good tool is produced, Toyota employees will interact daily with the Astar Network,” he added, noting that while this is an exploratory stage, blockchain technology in cars is possible in the future.
In keeping with the Web3 usage theme, the hackathon will take place in the COSMIZE Event Hall, the first metaverse on the Astar Network.
This is not the first time Astar – which allows developers to build interoperable decentralized applications (dapps) – has partnered with a major Japanese company. In November, NTT Docomo, Japan’s largest mobile phone network, said it will work with the Astar Foundation and Accenture to accelerate Web3 adoption. In December, Astar was also awarded “Product of the Year” by the Japan Blockchain Association.
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Astar Network has about $42 million in total value locked (TVL), with nearly $17 million, or 40%, of TVL on the decentralized exchange platform ArthDex, according to DefiLlama data. ASTR, the original token of the network, rose about 50% this year and has a market capitalization of $234.5 million, according to CoinMarketCap.
Toyota has been experimenting with blockchain technology for some time. In 2020, the automotive giant revealed that it is exploring blockchain applications for the automotive industry through a group consisting of several subsidiaries.
Since then, the automaker hasn’t made any big moves in the technology, despite other corporate giants jumping into non-fungible token projects, crypto payments and metaverse integrations during the hype cycle of 2021 and early 2022.
Sponsoring the hackathon will mark a more important step for Toyota’s experiment with blockchain technology and potential Web3 integration. “Toyota is looking to Web3 to support its vision to improve the company’s operations, and this online hackathon is a first step in the process,” according to the statement.
The move comes as Japan’s Web3 policy has been jump-started this year by politicians eager to do away with red tape and a typically slow decision-making process. A Web3 policy office now exists 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.
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