Toyota Is Investigating the Integration of Ethereum Blockchain Technology into its Vehicles

Toyota is exploring using the Ethereum blockchain to construct vehicle Mobility-Oriented Accounts (MOAs).

The design suggests the establishment of digital accounts for vehicles on the blockchain, which has the potential to facilitate the implementation of entirely autonomous driving in the future.

The project, which was recently unveiled as part of Toyota’s Mobility 3.0 concept, is dedicated to the investigation of mobility as a smart account on the blockchain.

The introduction of vehicle mobility onto public blockchains results in the tokenization of rights, enabling a car to function as a fully autonomous service entity.

According to Toyota’s blog post, the most extreme scenario that these features suggest is the implementation of fully autonomous driving in the future. The on-chain world manages all rights, so autonomous mobility no longer necessitates human operation.

Toyota is investigating the development of MOAs that adhere to the Account Abstraction standard ERC-4337 on Ethereum.

It is intriguing that the auto colossus observed that a MOA design on ERC-4337 ensures the retention of a vehicle’s blockchain account, even in the event of a private key loss.

Toyota wrote, “Account Abstraction ensures that the account is retained even if the private key is lost by separating the authentication process from key management.” “This facilitates a more flexible and secure account management process.”

Additionally, the utilization of Ethereum will facilitate the more transparent and efficient management of car information, including usage history.

Additionally, ERC-4337 permits the “deterministic establishment of an address prior to the deployment of the account.” This facilitates the connection between on-chain addresses and the current vehicle ID systems.

Toyota also proposed the key token concept, which is compliant with the NFT standard and stores vehicle owner information and “usage rights.”

“Permissions can be easily managed by transferring NFTs,” it observed, by expressing vehicle access as NFTs that are linked to MOA.

Toyota’s Blockchain center has suggested a vehicle-oriented account-based initiative that is mobility-oriented. In 2019, the Toyota Group established the lab as a virtual organization with the objective of fostering the adoption of blockchain technology.

Also Read: Kraken Refunds Bitcoin to Mt. Gox Customers 10 Years After the Hack