The Automotive Giant is looking at ways to improve operations.Toyota is involved in a Web3 Hackathon for DAO developers, which is a further indication of the company’s interest in the Technology.
On Feb. 1, Multichain Smart Contract and Decentralized application (DApp) network Astar reported its debut Web3 hackathon. The significant news, however, was that it’s being supported by the Toyota Motor Corporation.
The Significance of Toyota’s Involvement in the initiative was commented on by Astar Network founder Sota Watanabe. The first PoC tool for Toyota’s Employees will be developed during the Occasion.If a good tool is produced, Toyota employees will interact day to day with products on Astar Network.”
It’s Toyota’s first Web3 event as the multinational vehicle company looks to emerging technology to support its vision of improving the company’s operations.
The Astar Foundation is pledging $100,000 in funding for the event, which will go toward rewards for winning projects chose by Toyota.
Event participants will develop every one of their products on the Astar Network, a Japan-based layer-1 blockchain. The hackathon will be facilitated in Astar’s Polkadot-based Metaverse, COZMISE.
It isn’t the first time Toyota has fiddled with Crypto and the Blockchain. In 2020, the IT division of the automotive giant teamed up with Japanese Crypto Exchange DeCurret to develop a Toyota-marked digital Token.
Toyota laid out a Blockchain lab in 2020 to explore the fate of conveyed ledger Technology and its role in the automotive industry.
Astar (ASTR) prices Surged 10.5% on the news to trade at $0.06 at season of writing. The Token has acquired 53% over the course of the last month however stays down 86% from its unsurpassed high.
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