Toyota has been linked with innovation, dependability, and sustainability. This automaker is known to have a vehicle for everyone, from the small Corolla to the tough Land Cruiser. Furthermore, Toyota has controlled the worldwide car market for over 80 years and set the path for the future of mobility.
As the brand continues to step up in the Web3 world to advance its approaches to serving clientele, Toyota has announced that it will support a Web3 hackathon on the multi-chain smart contract network Astar Network in the hopes of developing internal management solutions.
The Astar Network’s Hackathon:
Developers will create an intracompany decentralized autonomous organization (DAO) support tool on the Astar Network, one of the first parachains to join the Polkadot ecosystem, allowing Toyota to make more effective business decisions and manage teams.
Precisely in line with the Web3 use concept, the hackathon is likely to be held at the Astar Network’s inaugural metaverse, COSMIZE Event Hall.
Astar’s Past Collaborations with Other Companies:
Astar, which facilitates the creation of dApps that can communicate with one another, is now teaming up with another major Japanese firm for the second time. NTT Docomo, the largest mobile phone network in Japan, said in November that it would be working with the Astar Foundation and Accenture to accelerate its adoption of Web3. The Japan Blockchain Association named Astar their “Product of the Year” in December.
According to DefiLlama’s findings, of the over $42 million in total value locked (TVL) in Astar Network, nearly $17 million, or 40% of TVL, is on the decentralized trading platform ArthDex. According to CoinMarketCap, the value of ASTR, the network’s native currency, has increased roughly 50% this year to $234.5 million.
What Does This Mean For Toyota?
Toyota Motor Corporation has long been interested in blockchain technology. In 2020, the automotive behemoth said that a consortium of its firms was researching blockchain’s possible applications in the automobile industry.
However, since then, the automaker has made no substantial technological advances, even though other corporate behemoths leaped into non-fungible token programs, crypto payments, and metaverse integrations during the 2021-2022 hype cycle.
Toyota’s research into blockchain technology and possible Web3 integration would advance significantly if they funded the hackathon. “Toyota is looking to Web3 to support its vision of improving the company’s operations, and this online hackathon is an initial step in the process,” according to the release, with this online hackathon serving as the first step.
Since political authorities in Japan have been anxious to shorten the country’s normally slow decision-making process, the country’s Web3 plan has been implemented starting this year. For this, there is currently a Web3 Policy Office inside the Ministry of Economy, Trade, and Industry (METI). In fact, only last November, the government’s digital ministry announced the formation of a DAO to probe Web3 applications.
Overall, now that Toyota has had the opportunity to step up in its approach to the Web3 world, we will certainly witness some changes in its value and growth.