Toyota Motor Corporation and Toyota Financial Services Corporation have revealed a previously launched ”virtual cross-group organization” known as Toyota Blockchain Lab, announcing that the group has been operational since April 2019 alongside four other Toyota Group subsidiaries. The group is hoping to better understand blockchain applications within the automotive industry.

“Blockchain is expected to be a fundamental technology that supports connecting people and businesses more “openly,” in a manner that provides safety and security,” Toyota stated in a press release.

Details of Activities to Date

Toyota will explore further possible uses of blockchain technology in a number of key areas including supply chain management and mobility to create future value by “accumulating technical knowledge” and “promoting solutions” for business applications, declaring timing to be “necessary”.

The move forms part of its continuous venture into blockchain tech, aiming to position itself as a leader in “mobility” by creating a platform that is deeply embedded in the Internet of Things (IoT) technologies and software, while increasing security along particular supply chains.

“With features such as highly tamper-resistant and fault-resistant, blockchain technology can realize secure data sharing between various parties by improving the reliability of the information. This technology has the potential to support the creation of friends inside and outside the Group, and as a result, provides more convenient and customized services to customers, business efficiency and improvement, and creating new value that is not bound by existing concepts,” the company said.

Future Direction

Toyota Blockchain Lab will further expand its collaborations with various partner companies, pursue the possibilities of blockchain technology and accelerate business implementation initiatives.

Focus areas will include examining possible applications for use and promoting demonstration trials involving relevant companies. In addition, with regard to different blockchain platforms around the world, we will formulate non-functional evaluation items in collaboration with partner companies to speed up the social implementation of the technology, accumulate technical knowledge to select a suitable platform for each application.

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