Toyota Blockchain Lab, an organisation launched by Toyota Motor Company and Toyota Financial Services Corporation in April 2019, have provided an update on their initiatives and how they aim to implement the technology in various aspects of their core business.
#Toyota’s latest #blockchaintechnology improves information reliability and accelerates the sharing of data among multiple parties in a more open environment that is safe and secure. More info here: https://t.co/SKjYtvVZh8 pic.twitter.com/20cSsBO68k
— Toyota Motor Corp. (@ToyotaMotorCorp) March 16, 2020
A wide range of potential blockchain use is mentioned in the review including supply chains, mobility services, and the Toyota smart city known as Woven City that was announced in January this year.
Verifying Value of Blockchain
With the entire car industry already under pressure with falling sales prior to the current pandemic locking down commercial activity and triggering the global economic trapdoor, quality motor manufacturers like Toyota and Daimler have – perhaps by necessity – taken the lead in testing and verifying the value of utilising blockchain.
Toyota’s latest article highlights how the progress of the Internet of Things (IoT) has enhanced information sharing “…and brought greater convenience and efficiency” to an automative industry that is in “…a once-in-a-century period of transformation.”
According to the authors of the review, such a transition requires Toyota to become a “Mobility Company” that can provide an array of services related to transportation, not just within their own brand but also in collaboration with outside businesses, by connecting in an open, safe and secure manner.
Toyota make reference to four areas where blockchain technology has successfully demonstrated competence under their test conditions.
- Customers: increasing convenience through ID sharing and contract digitalisation inside and outside of the group, improvement of personal information management, and utilisation of points services.
- Vehicles: improvement of existing/creation of new services through accumulation and use of all information concerning vehicle life cycles.
- Supply Chain: improving business processes efficiency and traceability by recording and sharing information on parts manufacturing, shipping, etc.
- Value Digitalisation: utilisation for diversification of financing methods through digitisation of various assets such as vehicles and various rights thus building medium to long term relationships with customers and investors.
Looking ahead, Toyota Blockchain Lab state they will seek to increase the number of partner companies with a view to accelerating blockchain-based initiatives for business and social implementation.