Automotive giant Toyota is delving deeper into blockchain use cases through its involvement with a Web3 hackathon for decentralized autonomous organization (DAO) developers.
On Feb. 1, multi-chain smart contract and decentralized application (dApp) network Astar announced its inaugural Web3 hackathon. The news of note, however, was that it's being supported by the Toyota Motor Corporation.
Founder of the Astar Network, Sota Watanabe, commented on the significance of Toyota’s involvement in the initiative:
“During the event, we aim to develop the first PoC (Proof of Concept) DAO tool for Toyota’s employees. If a good tool is produced, Toyota employees will interact daily with products on Astar Network.”
It is Toyota’s first Web3 event as the multinational vehicle company looks to emerging technology to “support its vision of improving the company’s operations,” the announcement noted.
The Astar Foundation is pledging $100,000 in funding for the event which will go towards rewards for winning projects selected by Toyota.
We’re incredibly excited to announce…
Learn how the world’s largest car company is building on Astar:https://t.co/xDLE6XPwsx
— Astar, Future of Smart Contracts for Multichain (@AstarNetwork) February 1, 2023
Event participants will develop all of their products on the Astar Network, a Japan-based layer-1 blockchain. The hackathon will be hosted in Astar’s Polkadot-based Metaverse, COZMISE.
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It is not the first time Toyota has dabbled in crypto and the blockchain. In 2020, the IT division of the automotive giant teamed up with Japanese crypto exchange DeCurret to develop a branded Toyota digital token.
Toyota established a blockchain lab in 2020 to explore the future of distributed ledger technology and its role in the automotive industry.
Astar (ASTR) prices surged 10.5% on the news to trade at $0.06 at the time of writing. The token has gained 53% over the past month but remains down 86% from its all-time high.