Japanese automotive leader Toyota is exploring the integration of Ethereum blockchain technology into its vehicles, according to a recent blog post by their dedicated research unit, Toyota Blockchain Lab. This move signifies a growing interest within the car manufacturing giant to leverage the potential of blockchain for enhanced functionalities and value propositions for its automobiles.
The concept of “mobility” sits at the heart of this exploration. First announced in April 2024, it aims to unlock new possibilities for car ownership through blockchain. However, the blog post also acknowledges challenges, such as creating a secure and reliable blockchain account for each vehicle. This account could potentially be vulnerable if the in-car device malfunctions.
To address this concern, Toyota Blockchain Lab proposes a novel solution – a mobility-oriented account based on the ERC-4337 standard of the Ethereum blockchain. This standard streamlines the user experience by employing account abstraction, eliminating the need for complex seed phrases, and enabling features like multi-user operations. This paves the way for a collaborative environment where car users, dealerships, and even administrative bodies can participate in the transaction approval process.
Furthermore, the lab expresses enthusiasm for the upcoming EIP-7702 update on Ethereum. Proposed by co-founder Vitalik Buterin, this update promises to enhance the interoperability and efficiency of smart contracts, further bolstering the envisioned mobility concept.
Toyota’s foray into blockchain isn’t entirely new. In 2016, they became the auto industry’s pioneer by joining a consortium led by R3, a prominent enterprise blockchain firm. This was followed by the establishment of their own Toyota Blockchain Lab in 2019, specifically dedicated to exploring blockchain applications within the automotive landscape. Additionally, 2023 saw Toyota supporting Astar Network, a blockchain project built on the Polkadot platform.
These developments paint a clear picture of Toyota’s commitment to exploring the potential of blockchain technology. Their focus on Ethereum and the innovative solutions proposed by their Blockchain Lab suggest a future where our cars are not just modes of transport, but integrated elements within a secure and collaborative blockchain ecosystem.