- Japan’s Largest Company, Toyota, Seeks to Go Deeper in Blockchain by Providing Support for Its First-Ever Web3 Hackathon
- Toyota launches Web3 in bid to improve company operations
- Interested participants have until February 14 to register for the Web3 hackathon, with a huge prize of up to $100,000 awaiting winners
The well-known multinational vehicle company Toyota is taking big steps into blockchain to explore its use cases. The auto giant said it would sponsor Astar NetworkThe Web3 hackathon is slated for Decentralized Autonomous Organization (DAO) developers, according to a recent announcement.
Apparently, its decision to delve into Web3 explains that the company will leverage blockchain use cases to improve its efficiency.
Toyota to improve company operations via Web3
Toyota’s latest move marks its first-ever Web3 hackathon. Therefore, it chose Astar Network, a multi-chain smart contract platform, to create Web3 use cases for its more than 330,000 employees worldwide.
Following the auto giant’s vision to improve the operational activities of the company, it seems that it is taking its first necessary step with the Web3 hackathon. Thus, Toyota, in collaboration with Astar Network, will invite developers from different parts of the world to form a decentralized autonomous organization. This DAO will be able to build blockchain solutions where anyone can create teams, issue governance tokens, and vote without needing to be familiar with the Web3 ecosystem.
The move reflects Toyota and Astar’s concern to reduce the massive workload of business decision-making and team management tasks for managers around the world. In order to address the complications, companies have concluded to deploy a mechanism capable of managing projects like a DAO where the decision-making is distributed among the participants. As such, they marked the hackathon with the theme – “Developing a DAO Support Tool for Enterprises”.
While the move presents positive chances of serving its fundamental purpose of reducing managers’ workload, interestingly, it will also help team members have a greater impact on their business growth. .
Thus, Astar’s network appointment to host the web3 hackathon will see it offer a suitable environment for the developers who will compose the DAO. In addition, the Astar network has been commissioned to provide support for product development.
Astar Network Founder Sota Watanabe expressed the company’s joy in collaborating with Toyota while acknowledging that it is the largest company in Japan and one of the leading international companies in the world.
“We are very happy to host the Web3 Hackathon on Astar with Toyota. During the event, we aim to develop the first proof of concept CAD tool for Toyota employees. If a good tool is produced, employees from Toyota will interact daily with Astar Network. In the future, I think we will see blockchain integrations in cars. Today, we are still in the exploratory stage, but very excited about the different possibilities.
Toyota will reward winning projects with $100,000
Additionally, the proposed Web3 Hackathon will receive financial support of up to $75,000 and $25,000 from the Astar Foundation and the Web3 Foundation, respectively. Astar will offer the funds in the form of an ASTR token. The announcement further stated that Toyota, Astar Foundation, Web3 Foundation, Alchemy and HAKUHODO KEY3 would come together to select the best projects they would say as the winners and reward them with the proceeds of the funding.
According to the announcement, registration for the Web3 Hackathon has already begun and individuals, as well as teams of up to four developers, have until Tuesday, February 14 to register for the Web3 Hackathon. Toyota scheduled the launch event to begin on February 25, and they were mandated to attend. Then they can build their products until March 18th.