The Japanese Giant of the Toyota automobile manufacturer is exploring the financing of car property, turning the fleets into assets.
Summary
- Toyota has proposed a block chain that links all key data in cars
- NFTs can represent vehicle ownership, and merchants can group them in a wallet
- The concept is especially useful in EVS, theft-taxis and phleets.
Toyota is actively exploring the concept of car token. On Tuesday, August 19, Toyota Blockchain Lab launched a White paper in the mobility orchestration network (mon). This new block chain could track key vehicle data, potentially turning cars into tokenized assets.
The proposal explains that each vehicle, including logistics trucks, rental or even robbery taxis, leaves a trace of information behind it. This information, including registration, manufacturing and maintenance, could be grouped as a network test in a token.
Each vehicle would have its own NFT, which joins with all its history and key information. Potential buyers could use this information to assess the value of the car. In addition, the network could allow users to buy these NFT without having to physically control the vehicle.
How Toyota sees the future of car property
Toyota Blockchain Lab foresees several use cases for this network. On the one hand, vehicles are expensive. However, unlike housing, so far they have eluded the tendency towards financing. With a blockchain network that tracks its use, property and use of cars they do not have to be closely united.
For example, automobile manufacturers could group multiple cars NFT on a bottom, effectively allowing investment in car fleets. The same type of investment vehicle could be used to finance robo-taxi fleets or logistics fleets in emerging markets.
In addition, if cars can be titled, fleet operators could raise cheaper capital than through loans. Even so, the White Paper does not come into how this financing of car property could affect regular car owners or cars prices.
