Toyota reveals auto-industry applications of Blockchain

2020-05-14 | CryptoCurrency.ong

“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 their press release.

The company’s Toyota Blockchain Lab has been operational since April 2019. They declared their deeper aspirations for blockchain technology within the automotive industry, announcing that they would be exploring opportunities from the research they began last spring.

“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 their press release. The progress of the IoT has connected various things and services through information and brought greater convenience and efficiency. Also, it has increased the importance of addressing security concerns, e.g. unauthorized use of devices, hacking, information leaking, etc. Toyota is aiming to become a “Mobility Company” - in such a profound, once in a century transformation that blockchain technology offers, they want to create an environment where customers who use products and services and various businesses that provide them can connect more “openly” under “safety and security.”

Toyota Blockchain Lab, the branch mostly responsible for the research in this field, as been examining plans for promising applications for use and promoting demonstration trials, furthermore, they are also engaging in global collaboration with Group companies, including Toyota Research Institute — Advanced Development, Inc. (TRI-AD), TOYOTA Connected Corporation, and Toyota Motor North America, Inc., and relationship-building with partner companies.

The main use applications for the future products are as follows:

• customers - improvement of personal information management, contract digitalization
• vehicles - improvement of services and creating new services through the information sharing of the vehicles’ life cycles
• supply chain - recording and sharing information on parts manufacturing, shipping, etc.
• value digitalization - diversification of financial methods through the digitalization of various assets

Going forward, Toyota Blockchain Lab will expand its collaborations with various partner companies, further areas of focus will include the examination of possible use applications and promoting demonstration trials that include relevant businesses

“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”, reads the company’s statement.

Did you like our article about Blockchain in the automotive industry? Continue reading the story here.