Toyota Financial Services, the financial services subsidiary of the Toyota Motor Corporation, has joined banking consortium R3CEV, making it the first organization affiliated with a major automaker to take part in the cross-industry effort.
While Toyota Financial Services largely spoke in broad terms about its strategy, the company did indicate it could seek to leverage distributed ledger tech for non-financial use cases.
Chris Ballinger, CFO and global chief officer of Toyota USA, said in a statement:
The company is expected to work alongside R3's more than 40 other members as part of the R3 Lab and Research Centre, which creates and tests proofs-of-concept employing both distributed ledgers and blockchain technologies.
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