A cross-group virtual organization comprising Toyota Motor Corporation (Toyota), Toyota Financial Services Corporation and four other subsidiaries of Toyota group was formed last year in April 2019 named ‘Toyota Blockchain Lab’ to explore and test the use of Blockchain Technology within the auto industry segment.
We are living in an era where Information & Data play vital roles in modern-day business operations. As such, the successful application of blockchain technology will allow the automotive industry to practice the information collection and data exchange process with advanced security and better transparency. This will benefit the interest of the industry as well as customers. So the real question that arises here is, ‘Has Toyota Blockchain Lab accomplished anything as of yet that reflects such successful application’? The answer is yes.
The four areas where the success has been observed are Customers, Vehicles, Supply chain, and Value Digitization.
Customers: The blockchain technology would be able to help the automobile customers to utilize two great options more efficiently i.e. ID sharing & points services. On the other hand, this tech will assist the business as well to improve its existing structure of customers’ information management.
Vehicles: The blockchain technology will allow the business to access accurate information related to the life cycles of vehicles. The comprehensive analysis of such data will help in the identification of the drawbacks so that necessary improvements can be incorporated for better servicing of the vehicles.
Supply Chain: Blockchain technology will also help to make the supply chain function of the automobile business more useful. The transparent recording and sharing of information concerning manufacturing, logistics, etc. will become practical. Blockchain will help to optimize such information for enhanced transparency and traceability so that better-decision making goes into the process.
Digitalization: Blockchain technology will make it possible to make financing methods more dynamic and diverse by digitizing various tangible and intangible assets of business like Vehicles, IPRs, etc. As such, building strong and healthy relationships with stakeholders will become a very easy job.
Toyota Blockchain Lab Roadmap:
Toyota Blockchain Lab is not done yet. The current six participants of this group are Toyota Motor Corporation, Toyota Financial Services Corporation, Toyota Finance Corporation, Denso Corporation, Toyota Systems Corporation and Toyota Central R&D Labs., Inc. However, the group is planning to extend its collaboration with other competitive partner companies to squeeze more possibilities of blockchain technology implementation in the auto industry.
The research and trials conducted in 2019 along with the planned global partnerships will help Toyota group to label itself as the leader in mobility. It is for sure that such steps will help to draw more creative and innovative benefits of blockchain technology in the automotive industry. This technology has great potential to help the automotive industry run in a better and productive direction.