Main Points:
- Toyota Blockchain Lab (TBL) plans to tokenize car usage rights using Ethereum’s ERC-4337 standard.
- The initiative aims to create Mobility-Oriented Accounts (MOAs) for cars.
- MOAs will enable cars to function as programmable, independent service entities.
- The project will enhance car-sharing services and integrate cars into public blockchain networks.
Introduction
Toyota Blockchain Lab (TBL) has announced an ambitious plan to tokenize car usage rights by leveraging Ethereum’s ERC-4337 standard. This initiative aims to create Mobility-Oriented Accounts (MOAs), revolutionizing how cars are used and managed.
Background on Toyota Blockchain Lab
Established in 2019, TBL focuses on promoting the use of blockchain technology within Toyota Group. Their latest report, “Introducing Mobility to Public Blockchains,” outlines how digital accounts for individual cars can be created using the Ethereum blockchain, detailing the potential benefits of this approach.
MOA and Its Implementation
The MOA concept is built on Ethereum’s Account Abstraction standard ERC-4337, aiming to create secure, programmable digital accounts for cars. Traditional methods involve storing private keys in vehicle devices, which pose risks of losing the account if the device fails. The MOA model addresses these challenges by decoupling the authentication process from key management, ensuring that accounts remain secure even if private keys are lost.
Features of MOA
MOAs enable cars to function as independent service entities, connecting with various services and enhancing their programmability. This system allows for the seamless integration of car-sharing services, maintenance records, and usage histories, all managed transparently and efficiently on the blockchain.
Key Token Contracts
A critical component of the MOA system is the Key Token Contract, which adheres to the ERC-721 (NFT) standard. This contract represents car keys and usage rights, containing information about the owner and their granted rights. Users can manage car operations, such as unlocking and driving, through these tokens, which are securely controlled by hardware.
Future Implications
Toyota’s exploration into blockchain technology signifies a significant step towards integrating vehicles into public blockchain networks. By making cars programmable and enhancing their connectivity, Toyota aims to contribute to the realization of a more advanced and interconnected mobility society.
The introduction of MOAs by Toyota Blockchain Lab highlights the innovative potential of blockchain technology in transforming vehicle usage and management. As TBL continues to develop this concept, it could pave the way for new, efficient, and secure mobility services, setting a precedent for the future of automotive and blockchain integration.
