Toyota explores advances in blockchain technology, to sponsor world’s first global Web3 hackathon

Toyota, the automotive giant, has announced sponsoring the world’s first global Web3 hackathon, on the multi-chain smart contract network Astar Network.

By Jasmine Anand:

The famous Japanese automobile maker, Toyota, has revealed its plans to delve deeper into blockchain innovation. Hence, it would be sponsoring its first-ever global Web3 hackathon as an initial step in the process. For this, the carmaker has chosen the blockchain innovation hub, Astar Network, to make use cases for its employees.

It is noted that Astar Network is a Japanese-based bridge connecting layer-1 blockchains like Ethereum and Cosmos with the Polkadot ecosystem.

What is this Web3 hackthon all about?

Web3 developers across the globe are invited to be a part of the event and build an intracompany decentralised autonomous organization (DAO) support tool on the Astar Network. Further, this association would enable the creation of teams, issuance of governance tokens as well as a vote without needing to understand the details of Web3.

In the words of Sota Watanabe, the founder of Astar Network, “Needless to say, Toyota is the largest company in Japan and one of the world’s leading international companies. We are very excited to be hosting the Web3 Hackathon on Astar with Toyota. During the event, we aim to develop the first Proof-of-Concept DAO tool for Toyota’s employees. If a good tool is produced, Toyota employees will interact daily with Astar Network.”

Further, Astar Network will offer the necessary environment for developers and be tasked with product development support, as well as mentoring throughout the process.

Why the need for this move?

According to reports, Toyota is exploring advances in the Web3 space so as to improve the organisation’s efficiency. And, foraying into an online hackathon is likely to serve as an initial step toward its plans.

Its alliance with Astar Network would not only help strengthen Japan’s blockchain space but, at the same time, could potentially yield management tools for Toyota’s employees.