Toyota is looking to explore blockchain use cases by sponsoring a Web3 hackathon for decentralized autonomous organization (DAO) developers. The Japanese automaker has partnered with a multi-chain smart contract, Astar Network, to discover use cases and create web3 experiences that will form the basis of the company’s decision.

Astar announced its inaugural Web3 hackathon today and explained its endorsement by Toyota Motor Corporation. Astar Network founder Sota Watanabe commented on the importance of Toyota’s inclusion in the initiative:

“During the event, our goal is to develop the first DAO PoC (proof of concept) tool for Toyota employees.” “If an excellent tool is produced, Toyota employees will interact daily with the products on the Astar Network.”

It is Toyota’s first Web3 event as the multinational vehicle company seeks emerging technology to “support its vision to improve the company’s operations,” the announcement said.

The event will be held as a boot camp to help Web3 developers create an intra-enterprise Decentralized Autonomous Organization (DAO) support tool on the Astar network. This collaboration helps them create teams, set up governance tokens, and exercise voting powers without getting bogged down in Web3 details.

In a statement, Sota Watanabe, the creator of Astar Network, said that the company plans to provide Toyota employees with a proof-of-concept DAO tool to facilitate daily interaction and lay the groundwork for more blockchain possibilities with car brands. in the future.

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The Astar Foundation is pledging $100,000 in funds for the event, which will go toward rewards for Toyota-selected winning projects. Event participants will develop their products on the Astar Network, a Layer 1 blockchain based in Japan. The hackathon will take place in Astar’s Polkadot-based metaverse, COZMISE.

Toyota’s Involvement in Crypto

This is not the first time Toyota has gotten involved in crypto and blockchain. DeCurret, a Japanese crypto exchange, launched a Toyota-branded digital token two years ago. Additionally, Toyota created a blockchain lab in 2020 to inspect and analyze the future of distributed ledger technology and its functionality within the automotive sector. It has also been moving towards the Web3 industry.

However, one of its most important blockchain technologies and future tests of Web3 integration will be its current move with the Aster Network. The latest development aligns with Japan’s announcement to establish a DAO to investigate Web3. In addition, Japan’s Ministry of Economy, Trade and Industry now operates a Web3 office that will offer any assistance needed to capitalize on web3’s potential.

Toyota to explore blockchain use cases with Astar Network web3 hackathon

Car Brands Exploring Blockchain

Blockchain bandwidth is impressive. Its qualities have been explored in divergent ways by multiple car companies. BMW, Mercedes, Lamborghini, and Ford Motor Company are some of the automotive companies exploring blockchain. On December 29, 2022, BMW consulted Coinweb Advisory Services to help manage its cross-chain loyalty program, contract establishment, contract implementation, and finances.

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Mercedes has also been ardently incorporating blockchain features into its logistics and rewards programs. Mercedes has been using NFTs as a publicity tool, so it’s impressive for the nascent industry to see legendary and forward-thinking auto companies jump on the blockchain.

In 2022, Knowafrika compiled a list of ten amazing African car companies. This list includes Innoson Vehicle Manufacturing (IVM), Wallys Car Company, Kiira Motors Corporation, and many others.

In the next few years, it would be amazing to see this group of companies take steps similar to what Toyota is currently doing. The integration of blockchain functions in African car companies will be spectacular.