One of the world-leading machinery manufacturers Toyota Motor Corporation together with Toyota Financial Services Corporation revealed the development of Toyota Blockchain Lab that originally started in April 2019 for the digitalization of various automotive processes. For now, Blockchain Lab is a full-fledged organization that elaborates various blockchain-based projects, aimed to extend Toyota’s partnerships with external companies and modernize the inside processes.
The series of projects developed by Blockchain Lab provide innovative solutions for supply chains, mobility services, and the Toyota smart city known as Woven City that was announced in January this year. Thus, Toyota will be able to establish an open connection between corporations and people, either actual or potential clients.
The connection between clients and the company can be improved with a decentralized ID verification system. To use each system or service provided by the company, users had to verify themselves separately, which is a time-consuming process that requires saving a lot of data. This problem will be solved by a blockchain-based verification system that will require the user to provide data once and then keep this information and securely share it with permissioned participants, shortening the risks of hacks and system breakdowns.
Blockchain will also be applied to the supply chain sector, including operations with suppliers of inputs for Toyota as can manufacturer, and also the supply for Toyota cars and parts to dealers and service providers. Using the blockchain-based system, every customer will be able to check the authenticity of a genuine Toyota part.
Blockchain will also be implemented in the car’s ownership that the company referred to as “value digitalization”. Getting all the information about car purchases and the owner’s personal data will improve car leases and contract to hire agreements.
The series of proposed initiatives will for sure include tokenization of all data about the car throughout its lifetime. This will allow collecting data on each repair or other service works and transfer it to the insurance company and the dealer, securely keeping it for future operations, such as car re-selling, technical review, and modernization. The accumulated data includes ownership, mileage and repair data.