Automotive giant Toyota is delving deeper into blockchain use cases through its involvement with a Web3 hackathon for decentralized autonomous organization (DAO) developers.
The first Web3 hackathon was announced by the multichain smart contract and decentralized application (DApp) network, Astar on February 1. The news of note, however, was that itβs being supported by the Toyota Motor Corporation.
Astar Network founder Sota Watanabe commented on the significance of Toyotaβs involvement in the initiative saying,
βDuring the event, we aim to develop the first PoC (Proof of Concept) DAO tool for Toyotaβs employees. If a good tool is produced, Toyota employees will interact daily with products on Astar Network.β
The announcement emphasized that this is Toyota’s first Web3 event as the multinational car company looks to cutting-edge technologies to support its vision of increasing efficiency.
The Astar Foundation is pledging $100,000 in funding for the event, which will go toward rewards for winning projects selected by Toyota.
Event participants will develop all of their products on the Astar Network, a Japan-based layer-1 blockchain. The hackathon will be hosted in Astarβs Polkadot-based metaverse, COZMISE.
It is not the first time Toyota has dabbled in crypto and the blockchain. In 2020, the IT division of the automotive giant teamed up with Japanese crypto exchange DeCurret to develop a Toyota-branded digital token.
In 2020, Toyota opened a blockchain lab to research the potential of distributed ledger technology and its application to the auto sector.
Astar (ASTR) prices surged 10.5% on the news to trade at $0.06 at time of writing. The token has gained 53% over the past month but remains down 86% from its all-time high.