Toyota to explore blockchain use cases via the DAO hackathon

Toyota to explore blockchain use cases via the DAO hackathon

Toyota is going deeper into blockchain use cases by participating in a Web3 hackathon for decentralised autonomous organizations (DAO) developers. 

Astar, a multichain smart contract and decentralised application (DApp) network launched its first Web3 hackathon on February 1. The important news, though, is that it is being funded by Toyota Motor Corporation. 

Sota Watanabe, a founder of Astar Network, commented on Toyota’s participation in the initiative: 

“We intend to create the first PoC (proof of concept) DAO tool for Toyota employees during the event.” “Toyota personnel will interact with products on the Astar Network on a daily basis if a decent tool is developed.”

https://twitter.com/AstarNetwork/status/1620596986616627201?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1620596986616627201%7Ctwgr%5E0e2fba3668ea4cfc22d7fe77a24083ee766eee17%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Ftoyota-to-explore-blockchain-use-cases-via-dao-hackathon

Toyota’s inaugural Web3 event comes as the multinational automaker looks to develop technology to “help its ambition of improving the company’s operations,” according to the release. 

The Astar Foundation has committed $100,000 to the event, which will be used to reward winning initiatives chosen by Toyota.

Participants will create all their products on the Astar Network, a layer-1 blockchain located in Japan. COZMISE, Astar’s Polkadot-based metaverse, will host the hackathon. Toyota is hardly the first company to dabble in cryptocurrency and blockchain technology. Toyota’s IT division collaborated with Japanese cryptocurrency exchange DeCurret to develop a Toyota-branded digital coin for release in 2020.

In 2020, Toyota created a blockchain lab to investigate the future of distributed ledger technology and its relevance in the automotive industry. 

On the news, Astar’s (ASTR) price jumped 10.5% to $0.06 at the time of writing. The token has gained 53% in the last month but is still 86% below its all-time high.

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