Toyota, the world’s largest automobile company, plans to integrate Ethereum blockchain technology into its future vehicle development.
The Japanese multinational company’s goal is to provide a blockchain account for every car it produces, in line with the Mobility 3.0 concept.
If this collaboration really works out, Ethereum could power a network of millions of vehicles with its own blockchain-linked services.
This is an exciting opportunity to deploy this technology on a global scale in a coordinated way.
Let’s take a look at all the details below.
Toyota is considering the possibility of using the Ethereum blockchain in the technical design of the MOA.
Japanese car giant Toyota is considering integrating the Ethereum blockchain as the main layer for its vehicles.
With the ambition of being able to offer fully autonomous driving systems in the future, the car manufacturer wants to take the design of Mobility Oriented Accounts (MOAs) a step further.
In line with its “Mobility 3.0” concept announced in April 2023, Toyota aims to integrate mobility with social systems and promote interaction with other vehicles and external factors.
The company believes the Ethereum blockchain is the perfect provider to test its smart driving account, which can digitally represent mobility.
Toyota Blockchain Lab proposes to develop MOA (Mobility Oriented Account) based on Ethereum ERC-4337 so that the account itself can be retained even if the private key is lost. Toyota is one of the largest car companies in the world. They are also more…
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Specifically, this kind of approach, combining blockchain technology with the mobility needs of the automotive sector, offers many advantages.
In fact, the integration of Ethereum blockchain technology is expected to improve various aspects of production, maintenance, and data management.
First of all, cars have the potential to become much more programmable by connecting standard interfaces to a myriad of distributed services.
Additionally, Ethereum could act as the issuer for the distribution of token rights linked to Toyota vehicles. Autonomous vehicles that no longer require human operation could function as completely independent service entities, with all rights managed in the blockchain world. A blog post outlining Toyota’s vision for the future of automobiles reads:
“The most extreme scenario these characteristics suggest is a future of fully autonomous driving.”
Toyota’s approach underscores the commitment and enthusiasm of large Japanese companies to develop technology applications that best suit their business.
It will be interesting to see whether other automakers follow Toyota’s lead and start experimenting with new solutions in the blockchain space.
The future of automobiles and the potential of Web3 technology
From a more technical perspective, Toyota, as the MOA designer, is investigating Ethereum technology and its blockchain, based on the ERC-4337 standard for account abstraction.
This latest feature allows us to envision a future where crypto-accounts representing vehicles can operate without self-management of private keys. This type of approach is much more flexible and scalable compared to non-custodial wallet management methods.
In fact, Toyota stated in their latest blog post:
“Account abstraction separates the authentication process from key management, ensuring that the account itself persists even if the private key is lost.”
Furthermore, thanks to Ethereum technology, future cars will be able to manage various information such as usage history and develop new functions.
For example, in this way it will be possible to bridge vehicle identification systems and blockchain addresses in a data economy that is open to all.
Toyota has also proposed the concept of a key token that would comply with the NFT standard and hold information about the car’s owner and “usage rights.”
As stated by the Japanese company.
“By representing access to a car as an NFT linked to the MOA, permissions can be controlled simply by transferring the NFT. This makes it easier for developers to create services like car sharing, as usage rights can be managed digitally without being aware of the hardware.”
Imagine a world where cars are roughly equivalent to accounts. Each car, including the one driving in front of you, has its own account that connects to the outside world. This digital state mirrors the way we interact with our cars in the real world.
Source: https://www.toyota-blockchain-lab.org/library/how-to-introduce-mobility-into-the-public-blockchain
Launch of ETH ETF and institutionalization of the Ethereum brand
Toyota’s active involvement with blockchain technology reflects the growing recognition of the Ethereum brand among some of the world’s largest companies.
Over the years, the Ethereum ecosystem has made great strides, becoming a leader in smart contract development and serving thousands of decentralized applications.
But now, with the launch of spot ETFs in the US, ETFs have taken a big step forward and can become an institutionalised and regulated entity in every respect.
Entering the exchange-traded fund market marks a prestigious moment for both Ethereum and the Foundation. In fact, to date, Ethereum is the only blockchain capable of powering Web3 services and has been publicly recognized at a formal level.
This situation could lead to further collaborations and partnerships between Ethereum and various companies operating in the real world.
In doing so, Ethereum technology will experiment with new use cases and new ways to create value online and offline beyond simple financial services on the blockchain.
The arrival of ETH ETFs can be read as an accelerator for the platform, which could indirectly bring about a new wave of interest and support mainstream adoption.
