Toyota experiments with blockchain technology

Toyota collaborated with Astar Network to explore the potential use case of blockchain technology.

Crypto adoption surging rapidly despite the downfall in the price of the majority of the crypto assets and it is because of the potential of blockchain technology which can provide huge numbers of use cases. To this date, the majority of tech companies are using blockchain technology & Crypto networks to verify & process data with high speed.

On 1 Feb 2023, the Astar Network team confirmed that Automotive giant Toyota is sponsoring a Web3 hackathon on the multi-chain smart contract network Astar Network.

Under this plan, devs will develop a decentralised autonomous organisation (DAO) tool on the Astar network. That tool will be available for the employees of Toyota. The Astar Network-based solution will help to push yield management.

This is not the first time for Astar network to go with practical-level development work, earlier Astar collaborated with Japanese largest phone network company NTT Docomo.

Astar network founder Sota Watanabe said that the team is focussing to develop a unique Proof-of-concept tool for Toyota employees and that tool will be a good product because Toyota employees will interact with that tool daily.

“If a good tool is produced, Toyota employees will interact daily with Astar Network.”

Astar network founder further noted that the team will try to bring more ways to bring the use of blockchain technology in the future cars.

Astr price action

This news acted as a catalyst for Astr, the native coin of the Astar network. The current price of the Astr coin is $0.06 and this price is 10.8% high over the last 24 hours’ trade price.

Read also: 100-years-old German Bank jumps into Crypto business