Toyota and Avalanche explore blockchain network to tokenize mobility and vehicle ownership

Avalanche and Toyota Blockchain Lab have revealed their research on creating a new blockchain layer to “orchestrate trust and unlock mobility’s value” through a blockchain-based intermediary network called the Mobility Orchestration Network (MON). According to the Toyota Blockchain Lab, “MON is a neutral network designed with the premise of interoperating with multiple, distinct existing networks for securities, payments, insurance, lending, and mobility ￰0￱ MON serves as the ignition point for this cycle, its primary role is to orchestrate the multiple networks involved in the circulation of mobility’s ￰1￱ initiative highlights another emerging use case for blockchain technology in the future of ￰2￱ can raise their funds and track their robotaxis via the ￰3￱ means that the entire business model can be built on-chain from ￰4￱ ownership in digital form MON uses tokenization to change fungibility ￰5￱ developers propose that, at the moment of manufacture, the original equipment manufacturer (OEM) issues the vehicle’s ownership as a Non-Fungible Token (NFT).

This NFT will be the first official record that establishes the vehicle’s unique ￰6￱ will be linked to its mobility-oriented account (MOA) in a way that can’t be ￰7￱ proof of existence.) like mobility to function autonomously on the ￰8￱ also has a mirror architecture to reconcile the conflicting requirements of real-time operational immediacy and ledger finality by using two accounts with distinct ￰9￱ modular design possesses an extensible structure that can keep pace with future changes in ￰10￱ Robotaxi infrastructure key players Regulators and manufacturers still need to get on board to make the idea of fully autonomous robotaxi fleets a ￰11￱ are the hardest group to get on ￰12￱ from Ava Labs said that regulators and carmakers need to work together to make it possible to preserve official records on blockchain ledgers and to allow use cases like on-chain ownership transfers.

“There’s always an official record in different countries, different ￰13￱ having that and the manufacturer working together on a blockchain is the most key task that we have to tackle,” Hirata ￰14￱ that end, tokenizing mobility could become the next big thing for crypto investors because of the latest proof-of-concept from Toyota and ￰15￱ mobility for automobiles is still hard, and future use cases will need “lots of systems” and decentralized apps to support its tokenization. Meanwhile, other companies are also using the Avalanche blockchain to tokenize real-world assets (RWA). If you're reading this, you’re already ￰16￱ there with our newsletter .