Automotive giant Toyota is exploring ways to integrate account abstraction into cars, which would enable hardware transactions on the blockchain.
July 16, Toyota #Blockchain Lab published a paper introducing the idea of mobile-oriented accounts (MOA), or public blockchain accounts for cars.
Imagine a world where cars are almost equivalent to accounts, Toyota said. Every car, including the one in front of you, has its own account that connects it to its users and the world.
Toyota proposes using the ERC-4337 Account Abstraction standard as the basis for learning MOA. According to the company, MOAs improve programmability, provide an interface to connect to various services and unlock #tokenization utilities.
MOA will also comply with the ERC-721 standard for unique tokens to facilitate tokenization.
Toyota emphasized that MOA will ensure that automotive equipment will operate on the blockchain.
Usage examples could include using the MOA to digitally unlock a car and start the engine for security and licensing purposes, with the token holder being able to control it via a smartphone app.
the user presents address and credentials represented as NFT-, for example via a smartphone app, and ... These NFTs are used to control the vehicle using hardware, Toyota Motor Corporation said. "These NFTs are recorded on the blockchain, and through the interaction between the user, the vehicle and the blockchain, hardware control of the vehicle is performed. Permissions can be managed by simply transferring the NFTs.
This allows 'usage rights' to be managed digitally without being tied to hardware, making it easier for developers to implement services such as car sharing.
Toyota emphasized that account abstraction will enable multi-segment transactions that can involve various stakeholders such as car users, owners, manufacturers and government agencies to approve transactions.
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