Toyota Explores Using Blockchain For Business Efficiency By Sponsoring Web3 Hackathon
Milestone Date: January 31, 2023
Toyota is showing more interest in blockchain technology by sponsoring a Web3 hackathon on the EVM and WebAssembly (WASM)-compatible Astar Network. This parallel-chain network (aka parachain) is designed to use a cross-virtual machine (XVM) to offer cross-chain smart contract interaction with the Polygon public distributed ledger (a layer-2 DLT that runs on Ethereum).
The goal of the hackathon is for participating developers to build an intra-company decentralized autonomous organization (DAO) support tool based on the Astar Network. The objective of the pilot is to leverage blockchain in a way that provides Toyota with more efficient business decision-making and team management. "During the event, we aim to develop the first proof-of-concept DAO tool for Toyota’s employees," said Sota Watanabe, the founder of Astar Network.
If a well-done tool is built, it would mean Toyota employees would interact with the Astar Network on a daily basis. "Toyota is looking to Web3 to support its vision of improving the company's operations, and this online hackathon is an initial step in the process," said a Toyota spokesperson.
By Elizabeth Morrison
Published:January 31, 2023