Toyota and Securitize develop blockchain-based ID platform

Toyota is looking to expand
the scope of its blockchain operations with a new personal ID and vehicle ID
platform that has been developed in collaboration with blockchain start-up
BUIDL.

The personal ID platform
can be used by corporate entities to manage points, employee benefits and
digital certificate issuance, whereas the vehicle ID platform can be used to manage
vehicle registration, maintenance records, ownership records and more.

BUIDL, established in 2018
and acquired by Securitize last year, supports many security token projects
across Japan and have consistently grown its revenues and commanded a large
market share since inception, whereas Toyota has shown interest in pursuing blockchain-related
business models in order to use the technology in fraud-reducing digital
ad-buying tools has seen it increase its website traffic by 21 per cent.

Last month, Toyota invested $400m in Pony.ai
– a provider of self-driving vehicle technology. The latter is focusing
on deepening and expanding its collaboration with Toyota in mobility
services. Their collaboration would allow deeper integration of
Pony.ai’s self-driving vehicle system with Toyota’s robust vehicle
platforms and technologies. Both firms are also looking beyond the
vehicle itself to explore further possibilities on mobility services and
deliver on their shared vision of a safe and sustainable mobility
future. They will focus on offering meaningful societal benefit by
leveraging the technologies, expertise, and services of each company.

Toyota’s interest in blockchain technology has been long-standing. In the past, Toyota led the automotive sector’s first ever blockchain-powered ad campaign,
along with blockchain advertising analytics company Lucidity, and
international ad firm Saatchi & Saatchi. The main purpose of this
collaboration was to introduce transparency into Toyota’s digital ad
campaign buy, removing wasted spend. In 2017,
the Toyota Research Institute (TRI) collaborated with MIT Media Lab and
other industry partners to see if distributed ledgers can accelerate
the development of autonomous driving technology.

The post Toyota and Securitize develop blockchain-based ID platform appeared first on The Block.

Credit: Blockchain News