Two subsidiary of Toyota – Toyota Motor Corporation and Toyota Financial Services Corporation – have reportedly disclosed details about their Toyota Blockchain Lab on March 16th. 

Initially set up in April last year, the Toyota Blockchain Lab – including 6 Toyota Group firms formed to research possible future visions of the automotive sector – has been exploring the possible use of blockchain, over the course of 11 months, and is now looking to speed up business implementation process, and forming strategic alliance with foreign partners outside the group. 

The primary goal of this 11-month initiative from Toyota into blockchain is to concentrate on leading the group in a more holistic ”Mobility Company”, offering a platform supporting different aspects associating with transportation. 

Blockchain has been chosen as a viable tool to set up an environment, enabling a more open and secured connection, between clients and services providers. 

Toyota Blockchain Lab has reportedly been conducting investigating work, with research and trial attempts for its projects, which have all been finalized in November last year. 

Main-use applications was specifically reserved for the fields of of customer and vehicle verification, together with supply chain monitoring, and digitization of assets, in an effort to achieve diversification for its scope of offered financing measures.

Furthermore, the lab looks to speed up the social implementing work of a number of ongoing blockchain platforms throughout the world.