Toyota Will Use The DAO Hackathon To Examine Possible Uses For Blockchain

Key Points:

• With its participation in a Web3 hackathon for DAO developers, the world’s largest automaker Toyota is learning more about blockchain use cases.
• The Astar Foundation has committed $100,000 in support for the occasion, which will go toward prizes for Toyota-selected winning projects.
• Toyota opened a blockchain lab to research the potential of distributed ledger technology and its application to the auto sector.

With its participation in a Web3 hackathon for DAO developers, the world’s largest automaker Toyota is learning more about blockchain use cases.

The first Web3 hackathon was announced by the multi-chain smart contract and decentralized application (dApp) network Astar on February 1. But the significant news was that Toyota Motor Corporation is funding it.

Sota Watanabe, the creator of the Astar Network, offered the following insight on the importance of Toyota’s participation in the project:

“During the event, we aim to develop the first PoC (Proof of Concept) DAO tool for Toyota’s employees. If a good tool is produced, Toyota employees will interact daily with products on Astar Network.”

The international automaker is hosting its first Web3 event as it looks to cutting-edge technology to “help its ambition of strengthening the company’s operations,” according to the release.

The Astar Foundation has committed $100,000 in support for the occasion, which will go toward prizes for Toyota-selected winning projects.

Participants will create all of their products on the layer-1 blockchain known as the Astar Network, which is situated in Japan. It will take place in COZMISE, Astar’s Polkadot-based Metaverse.

Toyota has previously experimented with cryptocurrencies and blockchain technology. Toyota’s IT division collaborated with the Japanese cryptocurrency exchange DeCurret to create a branded digital token in 2020.

In 2020, Toyota opened a blockchain lab to research the potential of distributed ledger technology and its application to the auto sector.

The price of Astar (ASTR) increased 10.5% in response to the announcement, and it is currently trading at $0.06. Although the token has increased by 53% in the last month, it is still 86% below its all-time high.

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