Toyota is exploring the potential of blockchain through its involvement in a decentralized autonomous organization (DAO) hackathon hosted by Astar, a multichain smart contract and decentralized application (DApp) network.

This is Toyota’s first Web3 event and the company aims to develop its first Proof of Concept (PoC) DAO tool for its employees through this initiative.

The Astar Foundation is providing $100,000 in funding for the event and Toyota will select the winning projects to receive the rewards.

The hackathon will be hosted on the Astar Network, a layer-1 blockchain based in Japan, and all products will be developed on this platform.

Toyota has shown interest in blockchain and crypto in the past, having established a blockchain lab in 2020 and collaborating with a Japanese crypto exchange to develop a Toyota-branded digital token.