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Toyota announces cross-Group virtual organization Blockchain Lab

Image by Mike Mozart from Flickr

Fri, 20 Mar 2020, 00:26 am UTC

Toyota Motor Corporation (Toyota) announced in a press release on Monday that it collaborated with Toyota Financial Services Corporation to launch a cross-Group virtual organization in April 2019.

Called Toyota Blockchain Lab, the initiative promotes the use of blockchain technology. It has already moved forward in verifying the usefulness of the technology through demonstration trials and global collaboration with group companies.

Toyota is positive that blockchain technology will be helpful in the industry because it connects people and businesses more “openly” while guaranteeing safety and security. The company aims to use the technology in supply chains, mobility services and “Woven City.”

Toyota aims to be a “mobility company” in the automotive industry. It wants to provide different services related to transportation and create an environment where customers who use its products and services can connect more openly and securely. The company is positive that blockchain technology can help.

“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,” Toyota announced.

Toyota Blockchain Lab will expand its collaborations with various partner companies as it continues its efforts in pursuing the possibilities of blockchain technology and accelerate its initiatives for business implementation. It will focus on examining the possible use of applications and promoting demonstration trials for relevant businesses.

“In collaboration with partner companies, we will formulate non-functional evaluation items to accelerate the social implementation of the technology, and accumulate technical knowledge to select a suitable platform for each application,” Toyota said.

Meanwhile, Richard Ma of the Forbes Technology Council, said that blockchain technology can help mobility. It can help verify an automobile’s history, track supply chain, increase automation and improve ride-sharing.

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