Toyota launches development of blockchain technology to integrate mobility
Date: 2024-07-25 Author: Henry Casey Categories: BLOCKCHAIN
Toyota Blockchain Lab has announced a new initiative to develop blockchain technology that will be based on the Ethereum ERC-4337 standard. Known as MOA (Mobility-Oriented Account), this project aims to support the Toyota Mobility Concept and integrate mobility with social systems. According to company representatives, public blockchains, designed to share data with a large number of people, can become an important tool for realizing this concept.
Toyota emphasizes that in the real world, to fully integrate mobility, many factors must be taken into account, such as vehicle type, color, license plate, emblem, driving style and driver facial expression. The company believes that a digital representation of mobility requires an overlay of states from both the driver and the vehicle.
Advantages of smart accounts on the blockchain
Toyota experts explained that using blockchain technologies to create smart accounts can significantly improve the functionality and security of the system. One traditional approach is to use an externally owned account (EOA) private key. However, this method has a drawback: if the key is lost, the account may also be lost. To address this issue, Toyota proposes to develop an ERC-4337-based MOA that abstracts the authentication process from key management, thereby providing more secure and flexible account management.
The MOA also provides for the ability to conduct transactions with the approval of multiple entities, rather than just one. This allows various stakeholders - vehicle users, owners, manufacturers, dealers and administrative authorities - to participate in the approval process for transactions involving Toyota vehicles. This feature is designed to increase system transparency and reliability, providing greater control and participation in mobility-related processes.
Prospects and implementation
Toyota believes that using blockchain to manage mobility data can open up new opportunities for collaboration between different market participants. This will allow you to integrate more data and improve vehicle maintenance and management processes. In the future, MOA technology could become a key element in creating smart transport systems and improving mobility in the digital age.
Thus, Toyota is actively developing new technologies to ensure the integration of transport systems with modern digital solutions, improving the functionality and safety of mobility management.
