Toyota Plans To Use Ethereum Blockchain In Cars

On Jul 27, 2024

Toyota planned to integrate Ethereum blockchain technology into its vehicles to enhance automated driving and interaction with other systems.

Toyota Motor Corp., founded in 1933 as a division of Toyoda Automatic Loom Works, is Japan’s largest car manufacturer and one of the world’s top automotive companies. It became an independent entity in 1937, known as Toyota Motor Co., Ltd.

Toyota is planning on using Ethereum blockchain technology in its cars. This move is part of their goal to offer fully automated driving systems in the future. They want to create mobility-oriented accounts (MOA) that can interact with other vehicles and external systems.

Toyota believes Ethereum’s blockchain is ideal for improving car programmability, production, maintenance, and data management. The technology could also help manage digital rights and autonomous mobility services through blockchain.

Investors are watching these developments closely, as it could bring significant changes to the automotive industry.

Toyota Blockchain Lab suggests developing a MOA (Mobility-Oriented Account) based on Ethereum ERC-4337 to ensure that the account itself can be retained even if the private key is lost. Toyota is one of the largest automobile companies in the world. They also look forward to more…
— Wu Blockchain (@WuBlockchain) July 23, 2024

By using Ethereum technology, Toyota can explore new uses and create value both online and offline, beyond just financial services on the blockchain.

Market sentiment is currently split between bullish and bearish trends, with investors closely monitoring developments. Integrating Ethereum blockchain technology into the automotive sector offers several advantages, such as improved production, maintenance, and data management. This approach could enhance car programmability by connecting a standard interface to various decentralised services, making vehicles more efficient and smarter.

Ethereum price action

The current trade price of Ethereum is $3,278 & this price is 5.6% down over the last 7 days period.

On July 26, Ethereum spot ETFs saw a total net outflow of $163 million. The Grayscale Ethereum Trust ETF ETHE had a large outflow of $356 million, while the Grayscale mini ETF ETH had an inflow of $44.9426 million, and the BlackRock ETF ETHA had an inflow of $87.2178 million.

On July 26, the total net outflow of Ethereum spot ETFs was $163 million. Grayscale Ethereum Trust ETF ETHE had a single-day outflow of $356 million, Grayscale mini ETF ETH had an inflow of $44.9426 million, and BlackRock ETF ETHA had an inflow of $87.2178 million.… pic.twitter.com/8NHy8Y1eo5
— Wu Blockchain (@WuBlockchain) July 27, 2024