Toyota announces the integration of Ethereum blockchain in launching MOA.
The past months have seen blockchain integration in several mainstream technology.
Japan-based Toyota examines the possibility of integrating Ethereum’s ERC-4337 as part of advancing towards its goal of ‘Mobility 3.0’. The automobile giant aims to introduce the concept of mobility into public spaces by establishing a Mobility-Oriented Account (MOA) on public blockchains. This initiation will help the integration and expansion of cryptocurrency use cases.
According to Toyota’s recent blog, the firm delves into detail about the usage of public blockchains in automobile products. The firm plans to establish individual blockchain digital accounts for the cars. However, in such a case, it encounters an issue that in case of a failure of the car system the private keys to the accounts will be lost.
The blog stated that in the case of using an Externally Owned account (EOA) to store the private key, the failure would lead to losing accounts. On the other hand, by utilizing the Ethereum blockchain this issue can be resolved, as private keys will not be lost. This is because, when using ERC-4337, account management can be done more flexibly.
Moreover, the usage of the Ethereum blockchain helps the firm to manage information about the car, such as usage history and maintenance records. Additionally, by integrating blockchain technology, the firm also discussed including different stakeholders, such as car users, owners, manufacturers, dealers, and administrative agencies in the approval processes for car transactions. Moreover, Toyota has been working towards enhancing the future of mobility in several ways.
How Have Blockchains Expanded in Mainstream Integration?
Over the past several months, the cryptocurrency sector witnessed attention from the mainstream markets. Blockchain technology, owing to its utility and expanding use cases has inspired innovations. Notably, blockchain technology has seen several adaptations within the AI realms.
AI-based firms have partnered with blockchain companies to enhance their technology and broaden their user interface. Particularly, Orbler, a marketing firm partnered with L2 blockchain company, Nexa Fusion bridging Web2 and Web3.
Additionally, other crypto sectors such as altcoins have also found widespread integration. In the last 24 hours, automobile firm Ferrari expanded its crypto payment into the European market.
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