Toyota Reveals Blockchain Lab to Expand Offerings

Toyota Stock Price Analysis
Toyota Stock Price Analysis

Japanese car manufacturer Toyota revealed that it has been developing a Blockchain Lab ever since April of 2019. The group intends to verify “the usefulness of the technology through demonstration trials, and global collaboration with Group companies,” a post from the group reports.

The goal, of course, is to improve the company’s network with a technology that will help open the connection between corporations and people.

This lab is meant to “expand collaborations” with a variety of companies that partner with Toyota. They will look into traditional applications of blockchain, such as supply chain or ID on the network.

The post elaborates a little more:

“The progress of the IoT has connected various things and services through information and brought greater convenience and efficiency. On the other hand, it has increased the importance of responding to security concerns such as information leakage, tampering, and unauthorized use.”

Other companies around the world are getting into blockchain technology. For example, Aviation Cargo is looking to develop a network, which would save them tons of money. KLM is another company looking to take advantage of blockchain, as InsideBitcoins has previously reported.

These groups and others getting involved in blockchain are exactly what’s necessary to expand the technology into the mainstream.

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Cryptocurrency and games writer. Looking to the future by studying how these two industries can blend.