Toyota, the world’s largest automaker has announced the unveiling of the first blockchain laboratory of its kind after 11 months of research. The move was executed by Toyota Financial Services, the financial arm of the automotive giant. Through research in the field, Toyota is aiming to find out what the future of automobiles will eventually look like in the world.
The lab itself was established last year and Toyota in its traditional way kept things low profile. The blockchain lab is looking at ways in which the new technology can be used for effective automotive management within the Toyota group.
Toyota’s New Mobility Focus
Toyota like other auto manufacturers believes that the future of automotives is bleak due to a variety of factors. Car sharing and ride hailing are massively affecting the industry and it is likely to be reduced in the near future. With this in mind, Toyota and other top manufacturers are looking to get into the whole mobility business altogether. This will allow the company to pivot and provide a wide range of mobility solutions for customers around the world.
The Impending Doom of the Automotive Sector?
This impending doom of the car industry is going to have repercussions around the world as it is a big employer and hundreds of thousands of households are dependent on its workings. Similarly car enthusiasts are also looking at this with apprehension as the industry is most likely going to affect the entire car market and even the supply chain itself. But, they need not worry as niche car ownership is expected to remain and thrive, perhaps even better than before. This is because for most people cars are a hassle to maintain and take care of and they would prefer if they didn’t have to deal with it at all. Now with the focus back on the niche users, car enthusiasts may find themselves on the right side of things in the future.
Key Improvement Areas
Coming back to Toyota, the company is identifying key areas in which the groundbreaking technology can be applied. They include areas of customer and vehicle verification, along with supply chain monitoring, and digitization of assets. The company is looking to court blockchain service providers and partners to effectively implement their solutions. The road to adoption in and around the company is still a long one since its a massive setup and massive setups are designed to move slowly.
Toyota is also part of blockchain consortiums along the world including being a massive stakeholder in the R3 Corda enterprise blockchain software. For many in the industry, enterprise blockchain platforms are going to be the future where everybody can benefit from the innovation and benefit from it.