Leading Car Maker Explores Ethereum Blockchain Integration
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Toyota, the major Japanese automaker, is exploring the integration of Ethereum blockchain technology into its vehicles, as outlined in a recent update from Toyota Blockchain Lab.
The company is investigating how blockchain could be used to enhance vehicle mobility, a concept introduced in April to increase a car’s value.
The blog post highlights some of the difficulties in creating a blockchain account for a car, such as the risk of losing the account if the in-car device fails. To address this, the lab is considering using the ERC-4337 Ethereum standard, which aims to enhance user experience by abstracting accounts and eliminating the need for seed phrases.
This standard also supports features like multi-user transactions, involving car owners, dealers, and administrative bodies in the approval process.
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Additionally, Toyota Blockchain Lab is enthusiastic about the upcoming EIP-7702 update, proposed by Ethereum co-founder Vitalik Buterin, which aims to enhance the efficiency and interoperability of smart contracts through better account abstraction.
Toyota has been active in the blockchain space for years. In 2016, it joined the R3 consortium, becoming the first automaker to do so. In 2019, the company established its blockchain lab to investigate technology applications in the automotive industry and, last year, supported the Astar Network, a Polkadot parachain.
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