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Sandeep Kumar Mishra
Feb 1, 2023
by Sandeep Kumar Mishra

Toyota to Delve Into Blockchain via The DAO Hackathon

Toyota DAO Hackathon

Table of contents

  1. Venture by Toyota Into The DAO Hackathon Makes It Its First Web3 Event
  2. Previous Experiments With Blockchain
Automotive giant Toyota is diving deeper into blockchain technology through its involvement with a Web3 hackathon for decentralized autonomous organization (DAO) developers. Today multi-chain smart contract and decentralized application (dApp) network Astar announced its inaugural Web3 hackathon. However, the most noteworthy news was that the Toyota Motor Corporation was supporting the DAO hackathon.

Venture by Toyota Into The DAO Hackathon Makes It Its First Web3 Event

It is Toyota’s first Web3 event as the multinational vehicle company looks to emerging technology to support its vision of improving the company’s operations. The Astar Foundation has pledged $100,000 in funding for the event which will go towards 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 Astar’s Polkadot-based Metaverse, COZMISE.

Astar (ASTR) was trading at $0.06 at the time of writing. The token has gained 53% over the past month but remains down 86% from its all-time high.

Previous Experiments With Blockchain

While the DAO hackathon is Toyota's first web3 event, it is not the first time the automotive giant 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 branded Toyota digital token. The same year, Toyota established a blockchain lab to explore the future of distributed ledger technology and its role in the automotive industry.

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Toyota Astar DAO Hackathon COZMISE
Toyota to Delve Into Blockchain via The DAO Hackathon
Sandeep Kumar Mishra
Sandeep is an avid cryptocurrency enthusiast and a keen & passionate blogger. He has a strong mix of skills in the areas of computer networking, cryptography, algorithms, and data structures and specializes in ERC20 tokens. Lately, he is taking a lot of interest in blockchain-powered AI solutions, about which he is also reading and writing extensively. He has to his name dozens of deeply researched articles about cryptocurrencies, blockchain, AI, and IoT. Apart from that, he loves to keep track of the latest trends in social media and digital marketing space. Also, as a huge proponent of blockchain and cryptocurrencies, Sandeep tries to deliver all the latest cryptocurrency news to ardent crypto supporters like yourselves. If you like his content, feel free to follow him on LinkedIn.

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