Toyota launched its own blockchain lab

One of the world's largest automakers, Toyota Motor Corporation, announced the launch of its own laboratory forstudy of the blockchain, which has been working since April last year.

For 11 months Toyota Blockchain Lab employeesexplore the possibilities of the blockchain and the options for applying technology in the automotive industry. Now the blockchain is planned to be more actively integrated into Toyota's business processes and used to expand strategic partnerships outside the group.

Toyota Blockchain Lab plans to developa blockchain platform with which users can more openly, but at the same time share data and use the services of various companies in the same way.

One of the main applications of the blockchainresearchers called customer and car identification, as well as supply chain monitoring. In addition, the technology can be used to digitize assets to provide more financing options.

The company’s representatives also emphasized that in the future they hope to continue developing and implementing blockchain initiatives. Integration of existing blockchain platforms is also possible.

Recall that in 2018, Toyota announced the use of blockchain in the advertising industry in order to reduce fraud in the purchase of advertisements.

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