Toyota Motor Corporation unveiled its Toyota Blockchain Center, March 16, along with Toyota Financial Services Company, comprising six Toyota Group companies. The laboratory is researching what the future could look like in the automotive industry.
Established in April 2019, the Blockchain Lab has been quietly researching the potential of blockchain technology for the past 11 months and is now looking to speed up market development projects and develop strategic alliances beyond the community.
Toyota aims at becoming a “mobility company”
The stated goal of company’s nearly year-long foray into blockchain technology is to change the attention of the company toward becoming a more comprehensive “Mobility Company,” offering a large transportation-related platform.
To do this, it plans to use blockchain to create an ecosystem in which users can communicate with the companies that provide them with services in a more open and yet secure manner.
Additionally, the laboratory aims to speed up the social adoption of various existing blockchain networks globally.
Main-use applications were established in the areas of consumer and vehicle verification, along with supply chain tracking, and asset digitization to diversify the range of funding methods available.
Today’s announcement reflects the organization’s expectation of further expanding its implementation plans and building on its strategic relationships with companies both within and outside the community.
Additionally, the laboratory aims to speed up the social adoption of various existing blockchain networks globally.
Toyota has long been a participant in the blockchain space, becoming a member of the global banks and corporations consortium R3 in 2016.