Toyota’s Blockchain Lab Goes Live After 11 Months of Research

Toyota Motor Corp and Toyota Financial Services Corp have launched Toyota Blockchain Lab with six other subsidiaries as its members. The lab is trying to project the future of automobile sector.

Set up in April last year, the Blockchain Lab has been confidentially studying the benefits of blockchain technology for the lapsed 11 months, and currently strives to expedite measures to adopt in its business and widen strategic collaboration with other enterprises.

The divulged objective of Toyota’s nearly one year long exploration of blockchain technology is to switch the group’s emphasis towards transforming into a more integrated “Mobile Company,” offering a wide-ranging transportation-related platform.

To attain the objective, the company aims to utilize blockchain to build an ecosystem where users can interact with better transparency, but in a safe manner with the firms that offer them with various services.

For these reasons, Toyota Blockchain Lab has been undertaking research studies and conducting trial projects, a stage finished in November 2019.

Key real-world applications were determined in the domain of client and vehicle verification, in addition to supply chain tracking and digitization of assets to variegate its array of funding modalities.

The media release underlines Toyota’s hope to advance its endeavors for adopting and progressing on its strategic cooperation with enterprises within and outside the group.

Additionally, the lab intends to expedite the social implementation of several prevailing blockchain platforms worldwide.

For a while now, Toyota has been involved in blockchain technology. In 2016, the company became a member of the R3 consortium of global banks and corporations.