Ethereum
Toyota plans to adopt Ethereum
Alex Dovbnia
Toyota has been exploring blockchain technology for nearly a decade
Read U.TODAY on
Google News
Japanese auto giant Toyota is considering integrating Ethereum blockchain technology into its vehicles, according to a recent report blog post written by Toyota Blockchain Lab.
The automotive giant is researching how to introduce mobility into public blockchains. The mobility concept, announced last April, aims to increase the value of a car.
The blog post addressed some of the challenges of creating a blockchain account for a car. For example, the account can be lost if the in-car device crashes. The blockchain lab proposed creating a mobility-oriented account based on the Ethereum ERC-4337 standard, which aims to improve the wallet user experience using account abstraction. The standard eliminates the need to rely on a seed phrase while enabling additional features such as multi-user transactions. Car users, dealers, and administrative agencies could be involved in the transaction approval process.
Toyota Blockchain Lab added that it is also “excited” about the EIP-7702 update that is expected to improve the interoperability and efficiency of smart contracts. The update was proposed by Ethereum co-founder Vitalik Buterin earlier this year to improve account abstraction.
Toyota is no newcomer to the burgeoning blockchain space. In 2016, it became the first-ever member of the automotive industry to join the consortium led by prominent blockchain firm R3. In 2019, the auto giant launched its own blockchain lab to explore possible applications of this new technology within the automotive industry.
Last year, Toyota also provided financial support to Astar Network, a parachain of Polkadot.
About the Author
Alex Dovbnia
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything related to this booming industry, from price analysis to blockchain disruption. Alex has authored over 1,000 articles for U.Today, CryptoComes, and other fintech outlets. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets. You can contact him at alex.dovbnya@u.today.