Toyota is exploring blockchain use cases through its involvement in a Web3 hackathon for decentralized autonomous organization (DAO) developers hosted by Astar Network.
This is Toyota’s first Web3 event and it is aiming to develop a proof of concept DAO tool for its employees.
Astar Foundation is pledging $100,000 in funding for the hackathon, which will be hosted in Astar’s Polkadot-based metaverse, COZMISE.
Participants will develop their products on the Astar Network, a Japan-based layer-1 blockchain.
Toyota has already established a blockchain lab in 2020 to explore the future of distributed ledger technology and its role in the automotive industry, and also teamed up with a Japanese crypto exchange to develop a Toyota-branded digital token.
Mohammad Ali is a fintech and cryptocurrency writer who has been covering the intersection of finance and technology for several years. Ali has a deep understanding of the financial industry and the ways in which technology is changing it, with a special focus on the rise of digital currencies and blockchain technology.
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