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Automotive giant Toyota is digging deeper into blockchain technology use cases by sponsoring a Web3 hackathon on its multi-chain smart contract network, Astar Network.
Developers build in-house Decentralized Autonomous Organization (DAO) support tools on the Astar network (one of the first parachains introduced into the Polkadot ecosystem). This will enable more efficient business decision-making and team management for Toyota. “The event aims to develop the first proof-of-concept DAO tool for Toyota employees,” said Sota Watanabe, founder of Astar Network, in a statement.
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“If good tools are developed, Toyota employees will be interacting with Astar Network on a daily basis,” he added, adding that while this is an exploratory stage, blockchain technology in cars could be in the future. said it would be possible.
A hackathon will be held at COSMIZE Event Hall, Astar Network’s first metaverse, with the theme of utilizing Web3.
This is not the first time Astar has collaborated with a large Japanese company, which enables developers to build interoperable decentralized applications (dapps). In November, Japan’s largest mobile phone network, NTT DoCoMo, announced that it was working with the Astar Foundation and Accenture to accelerate the adoption of Web3. In December, Astar was also awarded “Product of the Year” by the Japan Blockchain Association.
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According to data from DefiLlama, Astar Network has a total value lock (TVL) of around $42 million, with nearly $17 million (40%) of TVL spent on decentralized exchange platform ArthDex. The network’s native token, ASTR, is up nearly 50% this year, with a market cap of $234.5 million, according to CoinMarketCap.
Toyota has been experimenting with blockchain technology for some time. In 2020, the automotive giant revealed that it was exploring blockchain applications for the automotive industry through a group of subsidiaries.
Since then, from the 2021 hype cycle into early 2022, automakers have made big moves on the technology, even as other giants jumped on irreplaceable token projects, cryptocurrency payments and metaverse integration. is not showing
Sponsoring the hackathon would be an even more significant step for Toyota’s experimentation with blockchain technology and potential Web3 integration. According to a statement, “Toyota is considering Web3 to support his vision of improving the company’s operations, and this online hackathon is the first step in the process.”
The move comes as Japan’s Web3 policy was kicked off earlier this year by politicians eager to do away with red tape and customarily slow decision-making processes. His Web3 Policy Office now exists under the Ministry of Economy, Trade and Industry (METI). In November, the country’s digital ministry announced it would create his DAO to investigate Web3 technology.
read more: Japan adopts Web3 as global regulators warn against cryptocurrencies
