Toyota cars can be tokenized and sold on a new network
Japanese automaker Toyota plans to tokenize cars for subsequent sale on the blockchain.
Toyota Blockchain Lab, an organization established by Toyota in 2019 to popularize blockchain technology, released a report on the Mobility Orchestration Network (MON), which allows:
- Track and record vehicle data.
- Release NFT for each vehicle, which stores all the important information about it.
- Conduct transactions for the purchase and sale of cars.
According to Toyota Blockchain Lab employees, MON will not only allow you to buy a car, but also invest in a fleet to earn passive income. And fleet owners will have a new way to attract financing for the purchase of vehicles, which will be more profitable than taking out loans from a bank.
Toyota’s Car Tokenization Model
The launch date of the MON blockchain is not yet known because the Toyota Blockchain Lab still has a lot of work to do, such as integrating it into other financial and utility networks. To accomplish this, they will collaborate with car service providers, real-world asset tokenization platforms, and cryptocurrency issuing platforms.
