Toyota to Support Astar Network’s Hackathon and Test Blockchain Use Cases

• Blockchain Council
• September 17, 2024

Toyota, a Japanese giant in the automotive industry, is exploring the potential uses of Blockchain technology further by supporting a Web3 hackathon on the multi-chain smart contract network Astar Network, which may also result in management systems for Toyota’s staff.

With the development of an intra-company DAO support tool on the Astar Network, one of the first para chains to integrate into the Polkadot ecosystem, Toyota will be able to make business decisions and manage teams more successfully. “During the event, we aim to develop the first proof-of-concept DAO tool for Toyota’s employees,” Astar Network’s founder, Sota Watanabe, released a statement.

“If a good tool is produced, Toyota employees will interact daily with Astar Network.” Despite being in the exploratory stage, he continued, it may use Blockchain technology in automotive in the future.

The hackathon will be held in the first Metaverse on the Astar Network, COSMIZE Event Hall, in keeping with the Web3 usage concept.

This is not the first time a large Japanese corporation has partnered with Astar, enabling developers to develop interoperable decentralized applications (dApps). The largest mobile phone provider in Japan, NTT Docomo, said in November that it would join with Accenture and the Astar Foundation to hasten the implementation of Web3. In December, Astar received the “Product of the Year” honor from the Japan Blockchain Association.

As per DefiLlama data, Astar Network has over $42 million of total value locked (TVL), including nearly $17 million, and 40% of TVL, on the decentralized exchange site ArthDex. As per CoinMarketCap, the market valuation of the network’s native token, ASTR, has increased by nearly 50% this year and currently stands at $234.5 million.

For some time now, Toyota has been testing out Blockchain technology. The auto industry giant stated in 2020 that a committee made up of various businesses is investigating Blockchain possibilities for the car sector.

Since then, despite other corporate giants investing heavily in non-fungible token initiatives, cryptocurrency payments, and Metaverse integrations around the rear part of the 2021–2022 hype cycle, the automaker hasn’t made any significant advances in the technology.

The hackathon sponsorship would be a bigger step for Toyota’s Blockchain trial and future Web3 integration. “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,” as per the statement.

The action comes as politicians anxious to do away with red tape and a typically long decision-making process have accelerated Japan’s Web3 policy this year. The Ministry of Economy, Industry, and Trade now has METI, a Web3 policy office. In November, the nation’s digital minister declared that a DAO would be created to examine Web3 technology.

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