One of the most prominent automotive manufacturers in the world, Toyota, officially announced the start of its blockchain research subsidiary, dubbed Toyota Blockchain Lab. The team behind the new research center has been working on blockchain research since April 2019, but now Toyota’s intentions to “dive deeper into understanding the ways for implementing blockchain technology in the car manufacturing process” come to life.
Toyota, commonly known for being an innovator in the field of process management, now enters the blockchain bandwagon with a “cross-group virtual organization,” aimed at providing a fast and secure connection between the companies under Toyota’s hat, customers, suppliers, as well as partner organizations.
The initial phase of the blockchain research included four Toyota subsidiaries, with a goal of better understanding the usage benefits of blockchain for the car market. “Blockchain empowers open, safe, and secure for connecting people and businesses in the automotive manufacturing” Toyota stated.
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.” Also, the Japanese car manufacturer considers launching “blockchain-powered solutions when the time for such activities is correct.”
Ğ¢oyota further clarified that the newly-announced Blockchain Lab will collaborate with various partner companies to enhance the workflow between parties.
The plans for blockchain-based car manufacturing are not new, but now, “during a period of business transformation,” Toyota wants to become one of the first “mobility companies” with a focus on a wide range of transportation and logistics-orientated solutions. Toyota plans to create a working environment for both partner corporations and customers.
Toyota considers developing tamper-resistant services for secure data sharing between supply chain companies. “We aim to provide hassle-free and highly-customizable services to everyone in touch with the companies within the Toyota Corporation.
Toyota Blockchain Lab enables global cooperation with companies, such as the Toyota Research Institute, as well as Toyota Motor North America.
The bold plans of the Japanese car manufacturer include blockchain implementation in both customer relations with Toyota, and in the vehicles themselves. One of the innovations would be the collection of data for the life cycle of each individual part to promote “supply chain upgrades.”