Toyota Will Study Blockchain Use Cases Via DAO Hackathon
The car company is looking into using DAO tools and integrating blockchain to improve how the company works.
Toyota is participating in a Web3 hackathon for decentralized autonomous organization (DAO) developers to learn more about how blockchain can be used.
The first Web3 hackathon was announced by the multichain smart contract and decentralized application (DApp) network Astar on February 1. The important news, though, was that the Toyota Motor Corporation was backing it.
Sota Watanabe, the founder of Astar Network, said this about Toyota’s participation in the project:
“During the event, we aim to develop the first PoC (Proof of Concept) DAO tool for Toyota’s employees. If a good tool is produced, Toyota employees will interact daily with products on Astar Network.”
It’s Toyota’s first Web3 event, and the company’s announcement said that it is looking to new technologies to “support its vision of improving the company’s operations.”
The Astar Foundation is donating $100,000 to the event. This money will be used to give prizes to the winning projects that Toyota chooses.
Participants in the event will build all of their products on the Astar Network, which is a layer-1 blockchain based in Japan. The hackathon will take place in Astar’s COZMISE, which is based on Polkadot.
Toyota has played around with crypto and the blockchain before, so this is not the first time. In 2020, the IT department of the big car company worked with the Japanese cryptocurrency exchange DeCurret to make a digital token with the Toyota name on it.
In 2020, Toyota set up a blockchain lab to study the future of distributed ledger technology and how it could be used in the car business.
The news caused the price of Astar (ASTR) to go up by 10.5%, to $0.06 at the time of writing. The token’s value has gone up by 53% in the past month, but it is still 86% below its all-time high.
