Toyota Reveals Blockchain Lab After 11 Months of Research
Toyota has been working on initiatives to develop a wide-ranging transportation platform, through its previously unannounced Toyota Blockchain Lab.
Toyota Motor Corporation, along with Toyota Financial Services Corporation, unveiled its Toyota Blockchain Lab, March 16, comprising six Toyota Group companies. The lab is exploring what the future of the automotive industry may look like.
Established in April 2019, the Blockchain Lab has been quietly examining the potential of blockchain technologies for the past 11 months, and now seeks to accelerate initiatives towards business implementation and expand strategic partnerships outside the group.
Toyota aims to become a “mobility company”
The stated aim of Toyota’s almost year-long foray into blockchain technology is to shift the group’s focus towards becoming a more holistic ”Mobility Company,” providing a wide-ranging transportation-related platform.
To achieve this, it intends to use blockchain to develop an environment in which users can connect more openly and yet securely with the companies that provide them with services.
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To this end, Toyota Blockchain Lab has reportedly been carrying out investigative studies and undertaking trial projects, a phase of which completed in November 2019.
Main-use applications were identified in the areas of customer and vehicle verification, along with supply chain monitoring, and digitization of assets to diversify its range of available financing methods.
Today’s announcement highlights the organization’s hope to further develop its initiatives for implementation and build on its strategic partnerships with companies both in and outside the group.
In addition, the lab plans to accelerate the social implementation of various existing blockchain platforms globally.
As Cointelegraph has reported, Toyota has long been a player in the blockchain space, becoming part of the R3 consortium of global banks and corporations in 2016.