Toyota is delving deeper into blockchain technology and understanding its use cases for improving organizational operations with a Web 3 hackathon for DAO developers. On February 1, Astar the multichain smart contract and decentralized application (DApp) network announced the Web 3 Hackathon which is supported by Toyota Motor Corporation.
Furthermore, Sota Watanabe, the founder of Astar Network also commented on the importance of Toyota association with the initiative stating that they plan to develop the first Proof of Concept (PoC) DAO for Toyota’s employees.
This is the first Web 3 event for Toyota as the multinational vehicle company for which Astar Foundation is pledging $100,000 for funding the event which would be utilized for rewarding the winning projects decided by Toyota.
All the participants would have to develop their products on Astar Network which is a Japan-based layer -1 blockchain network. However, the hackathon will be hosted on Astar‘s Polkadot – based metaverse named COZMISE.
Though this is not the first time Toyota has stepped into the crypto and blockchain space. In the year 2020 also the IT division of the company teamed up with DeCurret, the Japanese crypto exchange for developing Toyota – branded digital tokens. Alongside, Toyota also established the blockchain lab the same year to explore the potential of blockchain technology in the automotive sector.
After the news of the Toyota and Astar’s collaboration took to the internet ASTR prices surged by 10.5% after remaining 86% down from its all-time high prices.