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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, multichain smart contract and decentralized application (DApp) network Astar announced its inaugural Web3 hackathon. However, the news is that Toyota Motor Corporation is behind it.
Astar Network founder 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 the right tool is produced, Toyota employees will interact with the products on the astar network on a daily basis.”
This is Toyota's first Web3 event as the multinational vehicle corporation looks to emerging technologies to 'support its vision to improve the company's operations,' it was announced.
The Astar Foundation is committed to contributing $100,000 to the event, which will be used to recognize Toyota's selected winning projects.
Finally!
We are very pleased to report...
The !
Learn how the world’s largest car company is building on Astar:https://t.co/xDLE6XPwsx
— Astar, The Future of Smart Multichannel Contracts (@AstarNetwork) February 1, 2023
Participants at the event will develop all their products through the Astar network, a layer 1 blockchain based in Japan. The hackathon will be hosted in the metaverse polkadot of astar, cozmise.
Related: BMW taps Coinweb and BNB chain for blockchain loyalty program
This is not Toyota's first attack on the cryptochain. In 2020, the IT division of the automotive giant teamed up with Japanese crypto exchange DeCurret to develop a Toyota-branded 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 jumped 10.5% on news for negotiation to $0.06 at the time of writing. The token has won 53% in the last month but is still down 86% from its record level.
