Toyota Financial Services To Set Forth A New Blockchain Platform With BUIDL

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • The duo conducted a demo trial on the construction of personal ID and vehicle ID and the cooperation between the IDs.
  • Toyota Financial Services offers a payment application known as the “TOYOTA Wallet” for smartphones.
  • The in-charge of this project of Toyota Financial Services confirmed that the services of Toyota Wallet and the functions of Personal ID have completed their verification trial.

On March 16, BUIDL stated that it has done with the trial on building a blockchain platform to work with Toyota Financial Services.

By the initiative of the Toyota Blockchain Lab, a virtual organization across the Toyota Group was launched in April 2019. The duo conducted a demo trial on the construction of personal ID and vehicle ID and the cooperation between the IDs.

Blockchain-Based ID Integration

The personal ID is created on the concept of a self-sufficient ID. This permits users to self-manage their information. The vision of the consumer ID is that it could not only be used in the Toyota Group but everywhere.  This will function as an authentication ID which will apply a contract linked to the ID.

Vehicle ID is a platform on which vehicle information can be registered. It will also offer the ownership transfer, managing information browsing authority.  The conjoint structure is designed in such a way that the Vehicle information ID is controlled by the ownership and monitoring rights related to the personal ID.

For the blockchain, Ethereum is used by Layer 1 and for the processing which requires scalability uses Layer 2 technology.  It has been researched by the editorial team that OmiseGo was used for Layer 2, but that was a sort of experimental.

The Vehicle IDs which must be hidden are managed by consortium-type blockchain using Hyperledger Fabric. Each blockchain is designed to run flawlessly according to the purpose.

Both Personal and Vehicle IDs are completed by Quantstamp and two other companies.

Blockchain Fueled Pair: Toyota and BUILD

Toyota Financial Services offers a payment application known as the “TOYOTA Wallet” for smartphones. It is mutually developed with Toyota and Toyota Finance. QR code payment is one of the key features of the Toyota Wallet.

The in-charge of this project of Toyota Financial Services confirmed that the services of Toyota Wallet and the functions of Personal ID have completed their verification trial.

In 2019, BUIDL came into an inclusive capital association with Securitize, a U.S.-based securities digitization platform, becoming a fully owned subsidiary. With seeking advice on the blockchain business in Japan and for the commercialization development, the company announced that it will build a digital security business in Japan.

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