Toyota launches its blockchain lab

22 June

After 11 months of research, Toyota finally unveils its Blockchain Lab to the public on March 16 together with Toyota Motor Corporation and Toyota Financial Services Corporation. Japanese multinational automotive manufacturer Toyota started planning its Blockchain Lab in April 2019. Since then, it has been researching on integrating the technology into its projects to achieve […]

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After 11 months of research, Toyota finally unveils its Blockchain Lab to the public on March 16 together with Toyota Motor Corporation and Toyota Financial Services Corporation.

Japanese multinational automotive manufacturer Toyota started planning its Blockchain Lab in April 2019. Since then, it has been researching on integrating the technology into its projects to achieve the company’s vision of becoming a holistic ‘mobility company.’ 

Toyota intends to use blockchain technology so the consumers can connect more openly while remaining safe and secured. Toyota entails their clients to verify their identity separately depending on the service they will use. Identity verification is one of the applications they’re intending to place in their system to prevent fraud and data breaching. 

With the use of blockchain technology’s identity verification, verifying the identity of the client will only happen once. After that, he will be able to share his data in an authorized blockchain system. 

Toyota is also intending to place blockchain in the supply chain monitoring to upgrade its efficiency and traceability. The repair parts available will have the information recorded, so the consumer will be able to verify the products. 

The company also plans to apply another application for the information records of its vehicles. The recorded data includes the repairs, mileage and ownership of a particular car. 

The company announced the application of blockchain technology in its utopian conceptual city, the Woven City. Hydrogen will be used to power the city with the use of smart technology or artificial intelligence. It will be built on a 175-acre land on the base of Mount Fuji in Japan. It was revealed that the construction will begin next year. 

Toyota is hoping to further its development and strategic partnerships with other industry holders to accelerate the implementation of the technology.  

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