Toyota Motor Corporation, along with Toyota Financial Services Corporation, unveiled its Toyota Blockchain Lab on March 16, consisting of six Toyota Group companies. The lab is researching what the future of the car industry can look like.
Founded in April 2019, the Blockchain Lab has quietly explored the potential of blockchain technologies for the past 11 months and is now trying to accelerate business deployment initiatives and expand strategic partnerships outside the group.
The stated goal of Toyota’s nearly years long foray into blockchain technology is to shift the focus of the group to a more holistic ‘Mobility Company’, which offers a broad transportation-related platform.
To achieve this, it aims to use blockchain to develop an environment where users can connect more openly, yet more securely, to the companies that provide them with services.
To this end, Toyota Blockchain Lab has reportedly conducted research studies and pilot projects, one phase of which was completed in November 2019.
Main uses applications have been identified in the areas of customer and vehicle verification, along with supply chain monitoring and asset digitization to diversify the range of financing methods available.
Today’s announcement highlights the organization’s hope to further develop its implementation initiatives and build on its strategic partnerships with companies within and outside the group.
In addition, the lab plans to accelerate the social implementation of several existing blockchain platforms worldwide.
Toyota has long been a player in the blockchain space, becoming part of the R3 consortium of global banks and corporations in 2016.
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