Toyota, the world’s largest auto manufacturer, has announced to adopt blockchain technology to improve its supply chain monitoring network. In April 2019, Toyota Blockchain Lab was introduced by the finance wing of Toyota Motor Corporation.
Being the leading auto manufacturing company, Toyota aims to boost its involvement in transportation as an ecosystem by becoming a “Mobility Company.” To reach its goals, the company is going to develop a blockchain-based ecosystem. The decentralized environment will allow customers to connect with the company more securely and readily.
According to the company’s official statement:
“Toyota Blockchain Lab has been examining plans for promising applications for use and promoting demonstration trials while accumulating Group knowledge. It is also engaging in global collaboration with Group companies, including Toyota Research Institute.”
Blockchain Going Recontructure the Network
The Toyota Blockchain Lab is testing blockchain’s potential for the past several months, and now the company is looking to extend the project’s impact across the company. The Blockchain Lab is looking to explore more opportunities. However, it will mainly be applied to customer care, vehicle verifications, and supply chain.
In the past, customer verification was a long and complicated process. The traditional methods used by the company were time-consuming, as most of the information was recorded on papers. To verify authenticity, bundles of documents had to move between several departments that resulted in data loss and heightened loss of labor time. The decentralized features of the chain will reduce the time and cost associated with authentication. The network will store, verify and protect the data of every individual and company that utilizes the motor company’s services.
Furthermore, the most important use case of the platform will be vehicle verification and supply chain management. The platform will store unalterable information about vehicles, allowing the company and users to scratch information about the car with the certainty of the report.
At the same time, applying blockchain in the supply chain will allow the company to track its vehicle parts. This will serve customers by enabling eased assessment of the quality of parts used in manufacturing while assuring customers that parts being used in upwork and maintenance are original products.