The Polkadot-based Astar network has broken up declare web3 and the first blockchain hackathon sponsored by Japan’s Toyota Motor Corporation. The company HAKUHODO KEY3, which was founded together with Astar and HAKUHODO, one of the largest advertising companies in Japan, will host the web3 hackathon on February 25 this year.
The Astar Foundation will sponsor the event with $75,000 and the web3 foundation with $25,000. According to the press release, $100k will be used as a reward for winning projects chosen by Toyota, Astar Foundation, web3 Foundation, Alchemy, and HAKUHODO KEY3.
How Toyota Can Improve Operations By Using The Polkadot Network
Sota Watanabe, CEO of Stake Technologies, made the announcement. Watanabe stated that in recent years, companies have faced the challenge of increasing the workload on managers due to the increased number of business decision-making and management of team members. Therefore, the Astar Foundation and the Polkadot-based Astar Network decided to develop a DAO support tool for companies.
DAO stands for “Decentralized Autonomous Organization.” By setting rules through smart contracts on the blockchain, organizations and companies like Toyota can be managed and operated “transparently.”
In addition, Watanabe said that based on the belief of Astar Network, if the company can manage projects as a DAO, an organization like Toyota, where team members can operate autonomously and by distributing decisions, can reduce the workload of managers and, at the same time. , help with team members impact the growth of the company.
Toyota, the world’s largest car company in terms of cars sold, has more than 330,00 employees worldwide. At the hackathon, Astar hunted for DAO tools to be implemented in car manufacturers to improve workflow and operations.
Watanabe stated that he is looking for potential products, not only for Toyota but also for scaling to external parties. Sotanabe said:
(…) Needless to say, Toyota is the largest company in Japan and one of the leading international companies in the world. We are very excited to host the web3 Hackathon at Astar with Toyota. During the event, we aim to develop the first PoC DAO tool for Toyota employees If a good tool is produced, Toyota employees will interact daily with products on the Astar Network. In the near future, I will see blockchain integration in cars. Right now, we’re still in the exploratory phase, but we’re excited about the many possibilities.
This is Toyota’s first web3 hackathon and aims to support its vision to improve operations; This hackathon will be the first step in the process.
Overview of Blockchain Usage By Astar Network
Astar aims to be the blockchain project in Japan. So, he created a company called Startale Labs. Astar claims to be committed to further promoting web3 in Asian countries.
Government companies in Japan and web3 solutions partnered with Astar to integrate a global platform to accelerate and create blockchain-based solutions for various use cases. The Astar ecosystem has become Polkadot’s main Parachain worldwide.
Astar offers flexibility for all Ethereum tools and WebAssembly, a binary instruction format for a stack-based virtual machine (WASM) for developers to start building decentralized applications (dApps). Astar offers an Incubation Hub for teams of all backgrounds and focuses, used to accelerate the growth of Polkadot and its experimental blockchain, the Kusama Network.