Japanese automaker giant Toyota has announced various blockchain enterprises which are meant to digitalize and revolutionize the automotive sector.

#Toyota’s latest #blockchaintechnology improves information reliability and accelerates the sharing of data among multiple parties in a more open environment that is safe and secure. More info here: https://t.co/SKjYtvVZh8 pic.twitter.com/20cSsBO68k

— Toyota Motor Corp. (@ToyotaMotorCorp) March 16, 2020

As per a press statement released by the company, Toyota Blockchain Lab has conducted various successful trials where one of them aims at tokenizing the vehicles as well as ownership rights within the blockchain technology.

Toyota Blockchain Lab was started in April last year with the task of integrating blockchain within the giant Toyota’s infrastructure. The press release reiterated this initiative revealing that various enterprises are in the works while some collaborations are being forged.

At the moment, Toyota is utilizing blockchain technology for its clients as well as vehicle initiatives. The company revealed the ‘value digitalization’ where the aim is to increase financing techniques through asset tokenization in both vehicles as well as owner rights. The press statement stated:

“Toyota Blockchain Lab has been examining plans for promising applications for use and promoting demonstration trials while accumulating Group knowledge. It is also engaging in global collaboration with Group companies, including Toyota Research Institute.”

The firm also stated that some of the aspects it is working on are ID sharing as well as digitalization of clients’ contracts as some of the areas the blockchain technology will be employed. The firm also cited that it will overhaul its supply chain where blockchain will be used to record as well as share data regarding the parts manufactured as well as shipping. Other potential applications comprise vehicle transaction details for tolls, electric charging as well as parking. Blockchain is also expected to be used for car-sharing, Decrypt reports.

The press statement also gave details about the Toyota Woven City initiative which will be powered through hydrogen as well as smart technology. The Woven City project was launched in January and is set to weave together various technologies such as artificial intelligence and blockchain. The announcement stated that this will be a great opportunity to build a city from ground-up where future technologies will be the driving forces for all the city’s infrastructure.

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