Toyota Looks at Using Ethereum for Vehicle Mobility

ChikaMoji Memecoin Launched Airdrop: Claim Instant 100,000 CHIKA Tokens Worth $100 USDT, Claim Airdrop At WWW.ChikaMoji.LOL

Toyota plans to improve vehicle mobility and user experience by integrating Ethereum blockchain technology, specifically using the ERC-4337 standard.

This integration includes a proposed Mobility-Oriented Account (MOA) to ensure blockchain accounts for vehicles remain accessible even if the private key is lost. By tokenizing car access as NFTs, Toyota aims to simplify services like car sharing and better manage vehicle usage rights.

Toyota Explores Ethereum Blockchain for Enhanced Vehicle Mobility

Japanese car manufacturer Toyota is exploring the integration of Ethereum blockchain technology into its vehicles, as detailed in a recent blog post by the Toyota Blockchain Lab. This effort reflects Toyota’s commitment to investigating how blockchain can transform the automotive industry, with a focus on enhancing vehicle functionality and user experience.

Source: X

The company’s latest research involves integrating the concept of mobility into public blockchains. Toyota aims to develop a Mobility-Oriented Account (MOA) using the Ethereum ERC-4337 standard. This standard is designed to improve blockchain wallet experiences through account abstraction, which simplifies wallet management and boosts security.

Toyota Explores Ethereum Blockchain for Vehicle Mobility Enhancement

Toyota is exploring the integration of Ethereum blockchain technology to enhance vehicle mobility and user experience, as detailed in a recent blog post by the Toyota Blockchain Lab. The initiative aims to utilize the ERC-4337 standard, which emphasizes account abstraction to streamline wallet management and bolster security.

One major challenge Toyota is addressing is the risk of losing a blockchain account if the in-car device fails. The proposed Mobility-Oriented Account (MOA) is designed to maintain blockchain accounts even if the private key is lost, thereby improving account management safety and flexibility.

Looking ahead, Toyota envisions that blockchain integration could facilitate fully autonomous driving. By establishing digital accounts for vehicles, cars could operate as independent service entities, enabling the tokenization of vehicle rights and potentially functioning autonomously without human oversight.

Additionally, Ethereum’s blockchain technology could enhance transparency and efficiency in managing vehicle information, such as usage history. The ERC-4337 standard would allow for the deterministic setting of an address before deployment, which could bridge existing vehicle ID systems with on-chain addresses, simplifying the process of accessing and sharing vehicle data.

Toyota Proposes NFTs for Car Access and Usage Rights

Toyota is exploring the use of Non-Fungible Tokens (NFTs) to manage car access and usage rights. By associating car access with NFTs tied to the Mobility-Oriented Account (MOA), Toyota aims to simplify permission management. Users could control and transfer access rights through NFTs, potentially facilitating services like car sharing and streamlining the implementation of new mobility solutions.

This exploration into blockchain technology is part of Toyota’s ongoing commitment to innovation. The company joined the R3 consortium in 2016 and established its blockchain lab in 2019 to investigate automotive applications. Toyota further demonstrated its dedication to blockchain by financially supporting the Astar Network, a Polkadot parachain, last year.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Join Cryptos Headlines Community

Follow Cryptos Headlines on Google News