Toyota Eyes Incorporating Ethereum Blockchain Into Vehicles

cryptonews.com:

Japanese automotive giant Toyota is considering leveraging Ethereum blockchain in designing vehicle Mobility-Oriented Account (MOA).

The design proposes creating blockchain digital accounts for cars, potentially enabling fully autonomous driving in the future.

Toyota Blockchain Lab suggests developing a MOA (Mobility-Oriented Account) based on Ethereum ERC-4337 to ensure that the account itself can be retained even if the private key is lost. Toyota is one of the largest automobile companies in the world. They also look forward to more…

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Unveiled last week as a part of Toyota’s Mobility 3.0 concept, the project centers around exploring mobility as a smart account on the blockchain.

Introducing vehicle mobility onto public blockchains brings tokenizing rights, making a car function as a completely independent service entity.

“The most extreme scenario suggested by these features is fully autonomous driving in the future,” Toyota’s blog post read. Autonomous mobility no longer requires human operation as all rights are handled in the on-chain world, it added.

Toyota is exploring how to design MOA, based on the Account Abstraction standard ERC-4337 on Ethereum.

Interestingly, the car behemoth noted that such an MOA design on ERC-4337 makes sure that blockchain account for a car retains, even if the private key is lost.

“Account Abstraction separates the authentication process from key management, ensuring that the account itself is retained even if the private key is lost,” Toyota wrote. “This enables safer and more flexible account management.”

Further, leveraging Ethereum will also manage information about the car, such as usage history, more transparently and efficiently.

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