Automotive giant Toyota is delving into blockchain use cases through its participation in a Web3 hackathon for decentralized autonomous organization (DAO) developers.
On February 1, Astar multi-chain smart contract and decentralized application (DApp) network Announced its inaugural Web3 hackathon. The standout news, however, was that she is being supported by Toyota Motor Corporation.
Astar Network founder Sota Watanabe commented on the importance of Toyota’s involvement in the initiative:
“During the event, our goal is to develop the first DAO PoC (Proof of Concept) tool for Toyota employees. If a good tool is produced, Toyota employees will interact with the products on Astar Network on a daily basis.”
It is Toyota’s first Web3 event as the multinational vehicle company seeks emerging technology to “support its vision to improve the company’s operations,” the announcement said.
The Astar Foundation is pledging $100,000 in funds for the event, which will go toward rewards for Toyota-selected winning projects.
Finally!
We are incredibly excited to announce…He !
Learn how the world’s largest car company is based on Astar:https://t.co/xDLE6XPwsx
— Astar, Future of Multi-Chain Smart Contracts (@AstarNetwork) February 1, 2023
Event participants will develop all their products on the Astar Network, a Layer 1 blockchain based in Japan. The hackathon will take place in Astar’s Polkadot-based metaverse, COZMISE.
Related: BMW Leverages Coinweb and BNB Chain for Blockchain Loyalty Program
It is not the first time that Toyota has ventured into cryptocurrencies and the blockchain. In 2020, the IT arm of the auto giant partnered with Japanese crypto exchange DeCurret to develop a Toyota-branded digital token.
Toyota established a blockchain lab in 2020 to explore the future of distributed ledger technology and its role in the automotive industry.
Astar (ASTR) prices rose 10.5% on the news to trade at $0.06 at the time of writing. The token has gained 53% over the past month but remains 86% below its all-time high.
