As a seasoned crypto investor with a strong interest in automotive technology, I find Toyota’s latest exploration into Ethereum blockchain technology for its vehicles truly intriguing. Having closely followed the developments in the auto industry and the crypto space, I can appreciate the potential benefits that this collaboration could bring.
Toyota, a major Japanese automaker, is pondering over integrating Ethereum‘s blockchain technology into their vehicles based on a recent announcement from Toyota Blockchain Lab.
“The automobile industry leader is exploring methods to integrate mobility services into public blockchain technology. This innovation, initially unveiled in April, intends to boost the significance of personal vehicles.”
In the blog post, it was brought up that establishing a blockchain account for a car comes with certain difficulties. For example, there’s a risk of losing the account if the in-car device encounters issues. To address these challenges, researchers at the blockchain lab have proposed a solution using the ERC-4337 Ethereum standard. This new standard is designed specifically for mobility applications and aims to enhance wallet usability through account abstraction.
As a researcher studying blockchain technology and its applications at Toyota Blockchain Lab, I’m thrilled about the upcoming EIP-7702 update. This improvement was proposed by Ethereum co-founder Vitalik Buterin earlier this year with the goal of enhancing smart contract interoperability and efficiency through account abstraction.
Toyota has a long-standing presence in the rapidly expanding blockchain sector. Back in 2016, it marked a pioneering move by joining forces with R3, a leading enterprise blockchain company, as its inaugural automotive industry member in their consortium. Three years later, in 2019, Toyota established its very own blockchain research lab to delve into the potential uses of this groundbreaking technology within the automotive realm.
Last year, Toyota also provided financial support for Astar Network, a Polkadot parachain.
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2024-07-23 19:07