Toyota to Build Its Own Blockchain Lab

Japanese auto giant Toyota Motor Corporation has announced the launch of its own blockchain lab in collaboration with Toyota Financial Services Corporation.

It should be noted that today many people associate blockchain technology with security and transparency. A recent study by Sita showed that blockchain can help reduce air travel costs by $400 million annually. In addition, China expressed confidence in the potential of the blockchain for social management and the fight against coronavirus.

Toyota intends to test the blockchain among six subsidiaries and integrate the technology into four main areas of its activities.

One of the main problems that Toyota will solve with the help of the blockchain is providing secure accounts to customers so that they can contact the company at any time for specific services.

The next important task is to track information about cars. Thanks to blockchain technology, such information should be available to both dealers and buyers. This approach will also allow you to evaluate cars in real-time.

Toyota intends to integrate the blockchain in order to track the supply and distribution of its cars, the production of consumables and spare parts. This will allow customers to verify the authenticity of the supplied components.

In addition, the company is interested in tokenization of property rights and the use of blockchain data in lease agreements, which, in turn, will contribute to long-term relationships with customers.

Toyota also said that its blockchain initiatives will not be limited to just these four areas. In the future, the company plans to expand strategic partnerships in the field of blockchain in order to gradually displace obsolete processes from the production of its products.

Author: Marko Vidrih

Featured image credit: Pixabay