The finance arm of the carmaker sees potential for blockchain, best known as the ledger that supports Bitcoin digital currency, for systems other than settling monetary transactions, according to Toyota Financial Services representatives.
To kick off Toyota’s blockchain tests, the company had joined R3 CEV, a consortium of companies working on blockchain technologies. The company is one of a few outside of banking to join R3.
Automotive producers could apply online distributed ledgers, which makes it easier for participants to track the ownership of an asset, to track auto parts as they move between countries and factories. Such monitoring could help during supply chain disruptions. Also, blockchain could enable connected cars to communicate with drivers’ personal devices and sensors on infrastructure in cities and on roads.
Toyota seeks access through R3 to companies further along in testing the technology and building related software. R3 has recently concluded a major test of technology from five blockchain and three cloud providers, to see how different combinations handled simulated transactions in commercial paper, according to blogs.wsj.com. They did not release results but said the findings would help R3 members in establishing technology guidance for CIOs in this emerging area.
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