Toyota to explore blockchain use cases via DAO hackathon

Automotive elephantine Toyota is delving deeper into blockchain usage cases done its engagement with a Web3 hackathon for decentralized autonomous enactment (DAO) developers.

On Feb. 1, multi-chain astute declaration and decentralized exertion (dApp) web Astar announced its inaugural Web3 hackathon. The quality of note, however, was that it's being supported by the Toyota Motor Corporation.

Founder of the Astar Network, Sota Watanabe, commented connected the value of Toyota’s engagement successful the initiative:

“During the event, we purpose to make the archetypal PoC (Proof of Concept) DAO instrumentality for Toyota’s employees. If a bully instrumentality is produced, Toyota employees volition interact regular with products connected Astar Network.”

It is Toyota’s archetypal Web3 lawsuit arsenic the multinational conveyance institution looks to emerging exertion to “support its imaginativeness of improving the company’s operations,” the announcement noted.

The Astar Foundation is pledging $100,000 successful backing for the lawsuit which volition spell towards rewards for winning projects selected by Toyota.

— Astar, Future of Smart Contracts for Multichain (@AstarNetwork) February 1, 2023

Event participants volition make each of their products connected the Astar Network, a Japan-based layer-1 blockchain. The hackathon volition beryllium hosted successful Astar’s Polkadot-based Metaverse, COZMISE.

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It is not the archetypal clip Toyota has dabbled successful crypto and the blockchain. In 2020, the IT part of the automotive elephantine teamed up with Japanese crypto speech DeCurret to make a branded Toyota integer token.

Toyota established a blockchain lab successful 2020 to research the aboriginal of distributed ledger exertion and its relation successful the automotive industry.

Astar (ASTR) prices surged 10.5% connected the quality to commercialized astatine $0.06 astatine the clip of writing. The token has gained 53% implicit the past period but remains down 86% from its all-time high.