Toyota will use the DAO hackathon to explore possible uses for blockchain.

To enhance business operations, the automobile giant is investigating DAO tools and blockchain integration.

Toyota, the largest carmaker in the world, is learning more about blockchain use cases as a result of its participation in a Web3 hackathon for DAO developers.

On February 1, Astar, a network for multichain smart contracts and decentralised apps (DApps), hosted its first Web3 hackathon. But the important development was that it was being funded by Toyota Motor Corporation.

Sota Watanabe, the founder of Astar Network, offered the following insight on the importance of Toyota’s engagement in the project:

“During the event, we aim to develop the first PoC (Proof of Concept) DAO tool for Toyota’s employees. If a good tool is produced, Toyota employees will interact daily with products on Astar Network.”

The international automaker is hosting its first Web3 event as it looks to cutting-edge technology to “help its ambition of strengthening the company’s operations,” according to the release.

The Astar Foundation has committed $100,000 to the occasion, which will go toward prizes for the outstanding projects chosen by Toyota.

On the Japan-based layer-1 blockchain known as the Astar Network, participants will produce all of their goods. The hackathon will take place in the Polkadot-based COZMISE metaverse.

Toyota has previously played around with blockchain technology and cryptocurrencies. In 2020, Toyota’s IT department worked with the Japanese cryptocurrency exchange DeCurret to develop a digital token bearing the Toyota brand.

Toyota established a blockchain lab in 2020 to investigate the potential of distributed ledger technology and its use in the automotive industry.

Astar (ASTR) prices increased 10.5% after learning the news, and are sitting at $0.06. The token is still 86% below its all-time high despite a 53% climb in the past month.