There is never a dull moment in the crypto space, is there? While on one hand there is the Union Budget 2023 taking place in India, following the anticipation created by the Budget 2022 pointers, on the other hand, following Porsche’s introduction of NFTs, another car giant, Toyota has shown interest in the use cases of blockchain technology.
The automotive giant Toyota has decided to sponsor in a Web3 hackathon on multi-chain smart contract network; Astar Network; in order to delve deeper into the use cases of blockchain technology. This lookout can be a way for Toyota to potentially yield management tools for its employees.
The Astar Network, which is the first parachain to come onto the Polkadot ecosystem, will be used by the developers to build an intra company decentralized autonomous organization; commonly referred to as DAO; support tool. This will in turn help Toyota in making a culture that is much more efficient in business decision-making and team management!
Additional Read: Top Blockchain Pojects & Startups In India
The founder of Astar Network, Sota Watanabe, commented in a statement that, “During the event we aim to develop the first proof-of-concept DAO tool for Toyota’s employees.” MAking a note on the fact that this phase is all about experimenting on the Blockchain technology and what it has to offer, apart from blockchain technology in cars being a future possibility, Watanabe also said, “If a good tool is produced, Toyota employees will interact daily with Astar Network.”
This venture with Toyota is not the first Japan based company work Astar will be a part of. Previously, Astar, which provides the infrastructure for building dApps with EVM and WASM smart contracts offering developers true interoperability with cross-consensus messaging (XCM) and a cross-virtual machine (XVM), has also joined hands with NTT Docomo, which is Japan’s largest mobile phone network along with Accenture in order to speed up its Web3 adoption. Not only that, back in December 2022, Astar has also been awarded ‘Product of The Year’ by the Japan Blockchain Association.
Read More: Save Tax On Crypto Gains
It is not only Astar Network who has had work in Japan for a while, the automotive giant, Toyota has also been dabbling with blockchain technology for a while. In 2020, Toyota said that they are exploring various blockchain applications for the auto industry through a group which is composed of several subsidiaries. However, since then, Toyota has not taken any major step like few others in joining the NFT hype or the rise in metaverse integration of 2021 and at the beginning of 2022.
According to a statement, “Toyota is looking to Web3 to support its vision of improving the company’s operations, and this online hackathon is an initial step in the process”. This hackathon would mark a significant step for Toyota’s continued experimentation with the blockchain technology and maybe a potential Web3 integration.