In the past few years, blockchain technology has made incredible strides, finding applications in a variety of disciplines, including finance, entertainment, and supply chains.
Toyota has reported that there have been few attempts to utilize public blockchains from a mobility perspective. The “Toyota Blockchain Lab” is the organization’s initiative to fix this situation. The automotive behemoth is investigating the integration of mobility into social systems as part of its “Mobility 3.0” concept. Expected to serve as the foundation are public blockchains, which autonomously distribute status updates to a vast number of individuals. This information is sourced from a blog post that was recently published.
The term “mobility” refers to the combination of a variety of factors, including the type of vehicle, color, license plate, logos, driving technique, and facial expression of the driver. It is necessary to link the characteristics of both the driver and the vehicle in order to depict mobility digitally, as stated in the blog post. Toyota summarizes the advantages of blockchain technology as follows:
The most extreme scenario that could arise from these features is the future of wholly autonomous transportation. There is the potential for autonomous mobility to function as a fully autonomous service unit, eliminating the need for human intervention. On-chain management of all rights would operate. A Mobility-Oriented Account (MOA) is the term Toyota uses to describe a blockchain-based account.
The conventional method of establishing a blockchain account for a vehicle involves the storage of the private key of an Externally Owned Account (EOA). This presents a substantial issue, as indicated in the blog post. Retrievability of the account is contingent upon the vehicle’s device malfunctioning, which results in the loss of the private key. Furthermore, EOAs possess restricted capabilities. The system is further complicated by the necessity of additional contracts to manage information about the car.
This is the reason why the automotive behemoth is employing the Account Abstraction Standard ERC-4337 for this concept. Account Abstraction decouples the authentication process from key management by representing accounts as their own smart contracts. Account Abstraction guarantees that the account remains unaffected in the event of a loss of the private key. Toyota is confident that this technology will enable the meaningful integration of mobility into social applications.
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