🔥🔥🔥 #Toyota ’s Embrace of Ethereum: Exploring the Automotive Giant's #BlockchainStrategy
Toyota Explores Ethereum for Futuristic Mobility Campaign
Toyota, Asia’s largest automaker, is exploring the potential of Ethereum to enhance its ambitious “mobility” campaign. This initiative aims to develop a connected transportation system featuring fully autonomous vehicles that can communicate with public infrastructure through data exchange.
In a research paper published on July 19, Toyota proposed integrating blockchain technology into its mobility vision. The company envisions blockchain facilitating automation and programmability in their autonomous vehicles, similar to how Ethereum's smart contracts execute agreements automatically without intermediaries.
Blockchain technology could also standardize interfaces for various services. For instance, it might enable automated payments for tolls and parking fees directly from a vehicle’s wallet. Additionally, by tokenizing vehicle rights, cars could become service entities, akin to how NFTs represent digital ownership in the music industry.
Toyota notes the need for secure blockchain accounts, as private keys can be lost due to unforeseen incidents like device failures. To address this, Toyota suggests Ethereum’s ERC-4337 standard, which introduces account abstraction. This allows transactions to be executed with smart contract codes rather than relying solely on private keys.
Furthermore, Toyota proposes using ERC-721 (NFTs) to manage permissions for blockchain-based vehicles.
With a market capitalization of $270 billion, Toyota is Asia's largest car manufacturer and ranks second globally behind Tesla.
Source - cointelegraph.com
