Toyota Motor Corp. along with its subsidiary Toyota Financial Services Corporation, has unveiled its Toyota Blockchain Laboratory focused on exploring the future of the automotive industry.
Initially established in April 2019, the Blockchain Lab comprises of six Toyota Group companies which have been quietly testing the potential uses of blockchain technology for the past 11 months, and now seek to implement business initiatives and strategic partnerships outside the group.
At this time, 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.
The Group says it aims to become a more holistic “Mobility Company” using blockchain technology for a wide range of transportation-related platforms, offering users an open and secure service environment.
The Toyota group further highlights the following use cases of blockchain technology:
1. Customers―increasing convenience through ID sharing and contract digitalization inside and outside of the Group, improvement of personal information management, and utilization of points services.
2. Vehicles―improvement of various services and creating new services through accumulation and use of all information concerning vehicle life cycles.
3. Supply chain―improving business processes efficiency and traceability by recording and sharing information on parts manufacturing, shipping, etc.
4. Value digitalization―utilization for diversification of financing methods through digitalization of various assets such as vehicles and various rights, and by that means, building medium to long term relationships with customers and investors
Across the industry, fellow automobile giants including Mercedez Benz, Volvo are all adopting blockchain technology for various vehicle industry use-cases.