*This is a machine-translated text of the original article.

Toyota Motor Corporation and Toyota Financial Services announced that they would consider using blockchain technology at the Toyota Blockchain Lab, a virtual group organization launched in April 2019.

The organization promotes the planning and examination of promising applications and demonstration experiments while consolidating the group’s findings as an igniter for the utilization of such technologies.

At the same time, we are promoting global collaboration and building relationships with our partners, including Toyota Research Institute – Advanced Development Inc (TRI-AD), Toyota Connected Corporation, and Toyota Motor North America Inc.

In addition, the organization has confirmed the usefulness of blockchain technology in various applications, such as completion of demonstration experiments under specific environments in November last year in the following initiatives focusing on customers and vehicles.

Major areas tested:

(1) Improvement of convenience through standardization of ID and digitization of contract inside and outside the Group, realization of information management by customers themselves, utilization to point services with customers as a center

(2) Upgrading of various services and creation of new services through the accumulation and utilization of all types of information related to the life cycle of vehicles

(3) Improving operational process efficiency and traceability by recording and sharing information on parts manufacturing, shipping in the supply chain

(4) Utilize various means of raising funds through digitization of value, such as vehicles and other assets and rights, and thereby build medium-to-long term relationships with customers and investors

In the future, the company will promote further studies of promising applications and demonstration experiments including related businesses.

In addition, in cooperation with partner companies, the company will work to promote the social implementation of such technologies, and will work to accumulate technical knowledge for the selection of infrastructure suitable for each application.

*What is Toyota Blockchain Lab?

Original Text: https://ampmedia.jp/2020/03/16/toyota-15/