Published on juli 26, 2024, 12:27 am
Image source: Fox News
```json [ "Toyota's blockchain division explores using Ethereum to enhance its autonomous 'mobility' vision by integrating blockchain technology for automation and standardized interfaces.", "Blockchain could enable vehicles to become service entities through tokenizing rights, similar to how NFTs work in the music industry.", "Toyota suggests utilizing Ethereum standards like ERC-4337 for account abstraction and ERC-721 for granting permissions to blockchain-based vehicles.", "The research reflects Toyota's interest in leveraging Ethereum's capabilities to revolutionize transportation, showcasing the evolving role of cryptocurrencies in diverse industries." ] ```
Toyota’s blockchain research division is venturing into how Ethereum can enhance its “mobility” initiative. This initiative envisions a futuristic system where vehicles are fully autonomous and can interact with public infrastructure through data exchange. These autonomous vehicles are imagined as public entities offering services to all users, including those with disabilities and the elderly.
In a recent research paper released on July 19, Toyota proposed integrating blockchain technology into its “mobility” concept. It views blockchain as a tool for automation through programmability, similar to how smart contracts on Ethereum execute agreements automatically without intermediaries. Additionally, blockchain could establish a standardized interface connecting to various services. For example, in the automotive sector, blockchain might facilitate automated payments for tolls or parking fees directly from the vehicle’s wallet.
By tokenizing rights, vehicles could transform into service entities. This mirrors managing digital rights in the music industry, where non-fungible tokens (NFTs) signify ownership and usage rights of digital assets. However, this transformation requires a blockchain account, which poses risks like losing private keys due to unforeseen events such as device failures.
Toyota suggests that Ethereum’s ERC-4337 standard could play a crucial role by enabling account abstraction, allowing users to execute transactions using smart contract codes instead of private keys. Additionally, employing ERC-721 (NFTs) could grant permissions to blockchain-based vehicles.
With Toyota being Asia’s largest vehicle manufacturer by market capitalization at $270 billion—second only globally to Tesla—and focusing on Ethereum’s potential benefits in revolutionizing transportation through blockchain technology, it underscores the ever-evolving landscape of cryptocurrencies and innovative applications in various industries beyond finance.
Original article posted by Fox News
