Source: news.google.com
Although the crypto ecosystem has faced its fair share of bumps, Japanese automaker Toyota is apparently bullish on the space and continues to view Web3 as a promising opportunity.
The largest conglomerate in Japan chose the Astar Network blockchain innovation center to make use cases for its employees. Specifically, Toyota is exploring advances in Web3 to create new experiences that will eventually become concrete suggestions for improving the company’s operations.
Toyota is also sponsoring its first global Web3 hackathon as an initial step in the process. The guiding principle of that kind of crypto boot camp is to help Web3 developers build an in-house DAO support tool on the Astar network. Under the hood, this alliance allows them to create teams, issue governance tokens, and vote without needing to understand the details of Web3.
Focusing on the operations problems that need solving would allow Toyota to use the tools created during the hackathon to improve transparency and efficiency. Astar Network will go one step further by providing the environment for developers and will be entrusted with product development support as well as mentoring throughout the process.
Astar Network and Toyota believe they could manage the projects as a decentralized autonomous organization (DAO), an emerging form of structure that does not have a central governing body. The system is developed to distribute decision-making, management and the workload of managers.
Sota Watanabe, founder of Astar Network, said: “It goes without saying that Toyota is the largest company in Japan and one of the leading international companies in the world. We are very excited to host the Web3 Hackathon at Astar with Toyota. During the event, our goal is to develop the first proof-of-concept CAD tool for Toyota employees. If a good tool is produced, Toyota employees will interact with Astar Network on a daily basis. At some point in the future, I think we will see blockchain integrations in cars. Today, we are still in the exploratory stage, but very excited about the various possibilities.”
Takumi Sano, HAKUHODO KEY3 board member, added: “We are very excited to see what new web3 services will be built under the sponsorship of Toyota Motor Corporation. This could be a major hackathon that will change the course of history. We look forward to your participation.”
The Astar Network is a Japan-based bridge that connects Layer 1 blockchains like Ethereum and Cosmos with the Polkadot ecosystem.
Toyota’s Web3 move is not the first time a Japanese giant has entered the blockchain space or adopted Web3.0-centric technologies. To accelerate the growth of Web3 in its native Japan, the smart contract platform brought in Japan’s leading mobile operator, NTT Docomo, to assist in Web3’s mass adoption as well as social deployment.
NTT Docomo will invest up to $4 billion in next-generation Internet technology as it looks to take a leading position in the use of its mobile infrastructure over the next 5-6 years.
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