Toyota Motor Corporation, the Japanese automotive giant, is taking a step into the world of decentralized autonomous organizations (DAOs) through its involvement with Astar’s inaugural Web3 hackathon. This marks the company’s first Web3 event and is a sign of Toyota’s interest in exploring emerging technologies to improve its operations.
During the event, we aim to develop the first Proof of Concept (PoC) DAO tool for Toyota’s employees. If a good tool is produced, Toyota employees will interact daily with products on Astar Network.
Sota Watanabe, Founder of Astar Network
The hackathon will take place in Astar’s Polkadot-based metaverse, COZMISE, and participants will develop their projects on the Astar Network, a Japan-based layer-1 blockchain. The Astar Foundation is providing $100,000 in funding for the event, with rewards for winning projects selected by Toyota.
This is not the first time Toyota has shown interest in the crypto and blockchain space. In 2020, the company established a blockchain lab and teamed up with Japanese crypto exchange DeCurret to develop a Toyota-branded digital token.
Porsche, the German luxury car manufacturer, recently made headlines in the digital assets space with the introduction of non-fungible tokens (NFTs) of its iconic 911 car. The NFTs, which were created in partnership with blockchain platform Crypto.com, represent unique digital collectibles that offer a new way for Porsche fans to own a piece of the brand.
Similarly, BMW, another leading automaker, has also shown interest in the web3 space. In a recent announcement, the company stated that it is exploring the use of blockchain technology to improve its supply chain operations and enhance transparency in the automotive industry.
Toyota’s involvement in the Astar hackathon shows the company’s commitment to exploring new technologies and staying ahead in the ever-evolving automotive industry. With more and more companies entering the digital assets space, the future looks bright for the Web3 revolution.