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Toyota Explores Blockchain Technology

Blockchain news

Blockchain to enter Automobile Sector

Blockchain is known for its most famous application,Bitcoin and the issues that this technology is sorting out in the operation of financial services. Blockchain is also an opportunity for other industrial sector, through multiple aspects.

The commercial approach of the automotive sector is about to undergo a major transformation that could be as fundamental and brutal as the recent rise of blockchain technology which has been deeply transforming our societies and is constantly evolving is now foraying into automobile industry.

Earlier this week ,Banco Bradesco, one of Brazil’s largest banking and financial services firms has joined the R3-led banking blockchain consortium, R3CEV. Toyota Financial Services, the financial arm of automotive giant Toyota Motor Corporation, has also joined the consortium.

Toyota Motor North America, said it has teamed up with MIT Media lab and five other companies to explore blockchain technology for the development of driverless cars. These cars are one of the most disruptive technologies and will induce profound changes in the landscape we know: passengers will no longer drive and will be able to work, consume, discuss, etc.

This project would enable businesses and consumers to securely share data on testing and driving as well as the sharing and usage of such cars to help set insurance rates, Toyota said in a statement.

In order to exploit fully the potential of these digital initiatives, additional efforts have been made in this direction by Toyota Financial Services which is the financial arm of automotive giant Toyota Motor Corporation. They believe that this technology could simplify Identification and proof of insurance, as well as automate the Compensation procedures.

With this enhancement definitely, distributed ledger technology could benefit the automotive industry as a whole, beyond auto finance. This news hopes to bring some better designing in its processes and pave the way for more agile and perfectly sharpened operational outcome.

The above development indicates that the automotive sector is facing major changes that could change the nature of the market. The automotive industry wants to prioritize the provision of practical services adapted to the needs of individuals and not on the manufacture of vehicles.

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