Toyota Announces Blockchain Lab!

Toyota Motor Corporation and Toyota Financial Services Corporation announced on 16 March 2020to the public the Toyota Blockchain Laboratory, made up of six companies belonging to the Toyota Group. The laboratory will carry out studies for the future planning of the automotive industry.

Taking its first step in April 2019, Blockchain Lab has been exploring the advantages of blockchain technology for the past 11 months. The laboratory is pursuing expansion, creating initiatives related to the company’s practices and taking its partnerships out of the group.

The goal is to become a mobility company!

Toyota, researching on blockchain technology since last year, offers a wide range of platforms to achieve the more comprehensive “Mobility Company” target by changing the focus of the group.

To achieve this by using blockchain technology, Toyota aims to create an environment that allows users to connect securely and more openly with companies that promise service to them.

Toyota Blockchain Lab has been carrying out trial projects on this target for a long time. The research ended in November 2019. The main application areas of the projects include supply chain tracking, customer and vehicle verification and increasing financing methods.

In today’s announcement, the organization aims to improve its initiatives and to make strategic partnerships with both the internal and external companies of the group. The lab is also looking to increase its social implementation on various blockchain platforms worldwide.

If you want to keep up-to-date with the latest developments, you can follow Cointral’s social media accounts. If you want to browse interesting content about cryptocurrencies, review our blog page.