Toyota Motor Corporation, along with Toyota Financial Services Corporation, unveiled its Toyota Blockchain Lab, March 16, comprising six Toyota Group companies. The lab is exploring what the future of the automotive industry may look like.
Established in April 2019, the Blockchain Lab has been quietly examining the potential of blockchain technologies for the past 11 months, and now seeks to accelerate initiatives towards business implementation and expand strategic partnerships outside the group.
The stated aim of Toyota’s almost year-long foray into blockchain technology is to shift the group’s focus towards becoming a more holistic” Mobility Company,” providing a wide-ranging transportation-related platform.
To achieve this, it intends to use blockchain to develop an environment in which users can connect more openly and yet securely with the companies that provide them with services.