Toyota has said declared its deeper aspirations for blockchain technology within the automotive industry, recently announcing it would be exploring opportunities from research it began in early 2019.
Toyota Motor Corporation (Toyota) and Toyota Financial Services Corporation revealed a previously launched "cross-group virtual organization" known as Toyota Blockchain Lab on March 16, announcing the group had been operational since April 2019 alongside four other Toyota group subsidiaries. The group is hoping to better understand the applications of blockchain within the auto industry.
"Blockchain is expected to be a fundamental technology that supports connecting people and businesses more "openly," in a manner that provides safety and security," Toyota stated in its press release.
Toyota will be exploring further possible uses for blockchain technology in a few key areas including supply chain management and mobility to create future value by "accumulating technical knowledge" and "promoting solutions" for applications in business, declaring that the timing was "necessary."
The move forms part of its continual venture into blockchain tech, aiming to position itself as a leader in "mobility" by creating a platform that is deeply embedded with the internet of things (IoT) technologies and software while increasing security along particular supply chains.
"With features such as highly tamper-resistant and fault-resistant, blockchain technology can realize secure data sharing between various parties by improving the reliability of the information," the company said.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.