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<ul>
 <li>Toyota aims to enhance vehicle mobility and user experience by integrating Ethereum blockchain technology, utilizing the ERC-4337 standard.</li>
 <li>The proposed Mobility-Oriented Account (MOA) ensures blockchain accounts for cars are retained even if the private key is lost.</li>
 <li>By tokenizing car access as NFTs, Toyota seeks to streamline services like car sharing and manage vehicle usage rights more efficiently.</li>
</ul>
<p>Japanese car manufacturer Toyota is considering the integration of Ethereum blockchain technology into its vehicles, as revealed in a recent <a href="https://www.toyota-blockchain-lab.org/library/how-to-introduce-mobility-into-the-public-blockchain" rel="noopener noreferrer nofollow">blog post</a> by the Toyota Blockchain Lab.&nbsp;</p>
<p>This initiative is part of Toyota’s ongoing exploration of blockchain technology’s potential applications within the automotive industry, aiming to enhance vehicle functionality and user experience through innovative technological solutions.</p>
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   <p lang="en" dir="ltr">BIG BREAKING <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <br><br>Toyota is likely to adopt <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> and use blockchain technology in its vehicles .<br><br>Bullrun incoming <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/1smksXcmxY" rel="noopener noreferrer nofollow">pic.twitter.com/1smksXcmxY</a></p>— BITCOINLFG® (@bitcoinlfgo) <a href="https://twitter.com/bitcoinlfgo/status/1816186290364379194?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 24, 2024</a>
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<h3 class="wp-block-heading" id="h-enhancing-vehicle-mobility-with-blockchain"><strong>Enhancing Vehicle Mobility with Blockchain</strong></h3>
<p>Toyota’s latest research focuses on incorporating the concept of mobility into public blockchains. The objective is to create a Mobility-Oriented Account (MOA) that uses the <a href="https://www.erc4337.io/" rel="noopener noreferrer nofollow">Ethereum ERC-4337</a> standard. This standard aims to improve the user experience of blockchain wallets by utilizing account abstraction, which simplifies wallet management and enhances security.</p>
<h3 class="wp-block-heading" id="h-overcoming-blockchain-challenges"><strong>Overcoming Blockchain Challenges</strong></h3>
<p>One of the main challenges highlighted by the Toyota Blockchain Lab is the potential loss of a blockchain account if the in-car device fails. The proposed MOA addresses this issue by ensuring that the blockchain account is retained even if the private key is lost. Account abstraction separates the authentication process from key management, providing a safer and more flexible account management system.</p>
<p>Toyota envisions that the integration of <a href="https://cryptonewsland.com/jasmy-advances-blockchain-data-security-with/" rel="noopener noreferrer nofollow">blockchain technology</a> could lead to fully autonomous driving in the future. By creating digital accounts for cars on the blockchain, vehicles could potentially function as independent service entities. This would allow for the tokenization of vehicle rights, making cars capable of operating autonomously without human intervention.</p>
<h3 class="wp-block-heading" id="h-improving-transparency-and-efficiency"><strong>Improving Transparency and Efficiency</strong></h3>
<p>Leveraging <a href="https://cryptonewsland.com/ethereum-accounts-erc-4337-and-rip-7560-innovations-unveiled/" rel="noopener noreferrer nofollow">Ethereum’s blockchain technology</a> would also enhance the transparency and efficiency of managing car information, such as usage history. The ERC-4337 standard allows for the deterministic setting of an address before the account is deployed, bridging existing vehicle ID systems with on-chain addresses. This could streamline the process of accessing and sharing vehicle data.</p>
<p>Toyota has also proposed using Non-Fungible Tokens (NFTs) to manage car access and usage rights. By expressing car access as NFTs tied to the MOA, permissions can be controlled simply by transferring the NFTs. This digital approach to handling “usage rights” could facilitate services such as car sharing, making it easier for developers to implement new mobility services.</p>
<h3 class="wp-block-heading" id="h-toyota-s-continued-blockchain-exploration"><strong>Toyota’s Continued Blockchain Exploration</strong></h3>
<p>Toyota’s exploration of blockchain technology is not new. The company joined the R3 consortium in 2016 and launched its blockchain lab in 2019 to explore potential applications within the auto industry. Last year, Toyota also provided financial support for Astar Network, a Polkadot parachain, further demonstrating its commitment to blockchain innovation.</p>
<h4 class="wp-block-heading" id="h-read-also">Read also</h4>
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<p>The post <a href="https://cryptonewsland.com/toyota-considers-ethereum-blockchain-integration-for/" rel="noopener noreferrer nofollow">Toyota Considers Ethereum Blockchain Integration for Vehicle Mobility</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Toyota Considers Ethereum Blockchain Integration for Vehicle Mobility

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