Japanese automobile giant Toyota Motor Corporation recently unveiled its blockchain research subsidiary Toyota Blockchain Lab in collaboration with Toyota Financial Services.
In an era where consumers are excessively driven by knowledge and information sharing worldwide, blockchain plays a pivotal role in connecting them with the desired products and services. Toyota, commonly known for being an innovator in the field of process management, enters the blockchain arena with a goal to provide a fast and secure connection between the companies under Toyota’s hat, customers, suppliers, as well as partner organisations.
Toyota Blockchain Lab is made up of six Toyota Group companies and has been exploring the use of blockchain for nearly a year. In November of 2019, the lab identified four main use cases:
Customer verification- increasing convenience through ID sharing;
Accumulation of vehicle data- improvement and creating new services through accumulation of life cycles data;
Supply chain management- improving business processes efficiency and traceability;
and Asset digitalisation- utilisation for diversification of financing methods through digitalisation.
The primary field of focus for Toyota will be the usage of blockchain for better supply chain management, as well as mobility. By doing extensive research in these fields, Toyota suggests that the company would “boost the added value by gaining technological know-how.”
“Blockchain is expected to be a fundamental technology that supports connecting people and businesses more “openly,” in a manner that provides safety and security.“
Going forward, Toyota Blockchain Lab aims expand its collaborations with various partner companies, and further pursue wider possibilities of blockchain technology, and accelerate initiatives for business implementation.
Areas of focus will include examination of possible use applications and promoting demonstration trials that include relevant businesses. In addition, with regard to various blockchain platforms around the world, in collaboration with partner companies, it will formulate non-functional evaluation items to accelerate the social implementation of the technology, and accumulate technical knowledge to select a suitable platform for each application.