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Toyota explores Web3 using Astar Network

The Japanese car company Toyota seems to be optimistic about it and continues to see Web3 as a good opportunity, which is why it is recently in the metaverse news again.

The largest company in Japan has chosen Astar Network to make use cases for its employees. In particular, Toyota is looking into Web3 developments to gain new insights that can be turned into actionable suggestions to improve the way the company works.

How Toyota goes toward Web3?

As a first step, Toyota is also supporting the first global Web3 hackathon that has ever been held. This type of crypto boot camp is meant to help Web3 developers build an intra-company DAO support tool on the Astar Network. Through this partnership, they can make teams, give out governance tokens, and vote without knowing how Web3 works.

If Toyota focused on operations problems that need to be fixed, it could use the tools made during the hackathon to improve transparency and efficiency. Astar Network will go one step further by giving developers a place to work and coaching and support for product development during the whole process.

Toyota and Astar Network plans

Toyota and Astar Network think they might be able to run the projects as a decentralized autonomous organization (DAO), which is a new type of structure that doesn’t have a single body in charge. The system is made to spread out work, management, and making decisions.

Sota Watanabe, who started Astar Network, said, “It goes without saying that Toyota is the biggest company in Japan and one of the biggest companies in the world. Toyota and I are very happy to announce the Web3 Hackathon on Astar. We plan to make the first Proof-of-Concept DAO tool for Toyota employees during the event. If a good tool is made, Toyota employees will work with the Astar Network every day. I think that blockchain technology will eventually be used in cars. Today, we are still trying things out, but we are very excited about the different options.”

Takumi Sano, a member of HAKUHODO KEY3’s Board of Directors, said, “We are really excited to see what new web3 services Toyota Motor Corporation will fund.” This could be a big discovery that changes the way history goes. We’re looking forward to your participation.”

Astar Network is a Japanese bridge that connects the Polkadot ecosystem to layer-1 blockchains like Ethereum and Cosmos.

Toyota’s Web3 project isn’t the first time a Japanese multinational company has done something related to blockchain or Web3.0-based technologies. To help Web3 grow faster in its home country of Japan, the smart contracts platform asked NTT Docomo, the country’s largest mobile carrier, to work with them on Web3’s mass adoption and social use.

Over the next 5 to 6 years, NTT Docomo will spend up to $4 billion on next-generation internet technologies. The company wants to become a market leader with its mobile infrastructure, so it plans to spend this money.

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About MahKa

Toyota explores Web3 using Astar NetworkMahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.