Toyota is considering integrating Ethereum blockchain into its vehicles

Toyota, the world’s largest automotive company, plans to integrate Ethereum blockchain technology into its future vehicle development.

The goal of the Japanese multinational is to equip every car produced with a blockchain account, in line with the concept of mobility 3.0.

If this collaboration actually works out, Ethereum could power a network of millions of vehicles with services connected to its blockchain.

This is an incredible opportunity for global institutional adoption of this technology.

Let’s see all the details below.

Toyota Evaluates Leveraging Ethereum Blockchain in MOA Technology Design

Japanese giant Toyota is considering integrating the Ethereum blockchain as the core layer of its vehicles.

With the ambition of one day being able to fully offer automated guidance systems, The car manufacturer wants to take a step forward in designing mobility-oriented accounts (MOA).

In line with the concept of “Mobility 3.0” presented in April 2023, Toyota aims to integrate mobility with social systems, facilitating interaction with other vehicles and external factors.

The company believes that the Ethereum blockchain is the perfect provider to test an intelligent driving account that can represent mobility digitally.

The market sentiment is currently divided between “bull” and “bear” trends. Investors are closely monitoring the situation to make informed decisions.

Specifically, this type of approach, which combines blockchain technology with the mobility needs of the automotive sector, creates numerous advantages.

The integration of Ethereum blockchain technology promises to improve various aspects of data production, maintenance, and management.

First, the programmability of cars could be greatly improved by connecting a standard interface to a myriad of decentralized services.

Additionally, Ethereum could act as an issuer for the distribution of tokenized rights attached to Toyota vehicles. Autonomous mobility, which no longer requires human intervention, can function as a completely independent service entity, with all rights managed in the blockchain world. As described in Toyota’s blog post explaining its vision for the future of automotive:

“The most extreme scenario suggested by these characteristics is fully autonomous driving in the future.”

This type of approach by Toyota underlines the commitment and dedication of the Japanese giant in developing the best technological applications for their business.

We will see if other car manufacturers will follow Toyota’s footsteps and start experimenting with new solutions in the blockchain field.

The future of automotive combined with the technological potential of web3

From a more technical point of view, Toyota is exploring Ethereum technology and its blockchain as a MOA designerbased on the ERC-4337 standard of Account abstraction.

This last feature allows us to imagine a future where the crypto account representing the vehicle can function even without the self-custody of the private keysThis type of approach is much more flexible and scalable than the way we approach managing non-custodial portfolios.

As Toyota points out in its latest blog post:

“Account abstraction separates the authentication process from key management, ensuring that the account itself is maintained even if the private key is lost”

Furthermore, Thanks to Ethereum technology, the car of the future will be able to manage different information such as usage history, developing new features.

This way, for example, it would be possible to connect vehicle identification systems with blockchain addresses, in a data economy open to all.

Toyota also proposed the concept of key token, compliant with NFT standard and contains information about the car owner and “usage rights”.

As stated by the Japanese company.

“By expressing access to cars as NFTs linked to the MOA, permissions can be controlled simply by transferring the NFTs. This allows usage rights to be managed digitally without knowledge of the hardware, making it easier for developers to create services like car sharing.”

Imagine a world where a car is almost like an account. Every car, including the one in front of you, has its own account that connects to the outside world. This digital state mirrors how we interact with cars in the real world.

Source: https://www.toyota-blockchain-lab.org/library/how-to-introduce-mobility-into-the-public-blockchain

The Launch of ETH ETFs and the Institutionalization of the Ethereum Brand

Toyota’s openness to blockchain technology reflects the growing appreciation of the Ethereum brand among the world’s largest companies.

Over the years, the Ethereum ecosystem has made great strides, becoming a leader in smart contract development and powering thousands of decentralized applications.

Now, however, with the launch of Spot ETFs in the United States can take the big step and become a full-fledged institutionalized and regulated entity.

The entry into the exchange-traded funds market guarantees both ether and the Foundation a prestigious connotation. In fact, to date, it represents the only blockchain capable of powering website3 services, publicly recognized at a formal level.

This condition could lead to further collaborations and partnerships between Ethereum and various companies operating in the real world.

In this way, Ethereum technology would explore new use cases and new ways to produce value online and offline, beyond simple financial services on the blockchain.

We can read the arrival of ETH ETFs as an accelerator of the platform, which can indirectly bring new waves of interest and support adoption by the general public.

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