Toyota opens a blockchain lab

Toyota announced the opening of a laboratory to study the prospects for the use of blockchain in the automotive industry.

According to the press service, back in 2019an internal virtual organization was formed, which collaborated with the four subsidiaries of the corporation. Now the officially formed Toyota Blockchain Lab will do basic research on blockchain technology, applications based on it and the possibilities of using it in various business fields.

In particular, the laboratory will develop solutions for supply chain control, drone managementtransport, the Internet of things and a smart city. The proposed options in various fields will be tested in the closed robotic settlement of Sotkany city, which the company plans to build on the territory of the old plant.

Toyota believes that now is the right time to launch this project and develop a laboratory to help the company strengthen its leading position.

Giants such as BMW, Renault, Honda, GM and Ford are also exploring various blockchain applications in cars, and recently they decided to jointly test the automatic payment system.