Toyota releases a Blockchain White Paper exploring car ownership tokenization.

[Coin World] Japanese automotive giant Toyota is exploring the financialization of car ownership, transforming fleets into assets. Toyota is actively exploring the concept of automotive tokenization. On Tuesday, August 19, the Toyota Blockchain Lab released a White Paper on the Mobility Orchestration Network (MON). This new blockchain will be able to track key vehicle data, potentially turning cars into tokenized assets. The proposal explains that each vehicle, including logistics trucks, rental fleets, and even robo-taxis, will leave behind a series of information. This information, including registration, manufacturing, and maintenance, can be bundled into proof on the network, becoming a Token. Each vehicle will have its own NFT, containing all its historical records and key information. Potential buyers can use this information to assess the value of the car. More importantly, the network allows users to purchase these NFTs without actually controlling the vehicles.

Toyota Blockchain Lab envisions several use cases for the network. Firstly, vehicles are very expensive. However, unlike housing, they have so far failed to escape the trend of financialization. By tracking their usage through a blockchain network, car ownership and usage rights do not have to be closely tied together. For example, car manufacturers could bundle multiple car NFTs into a fund, effectively enabling investment in fleets. Similar investment tools could be used to fund robo-taxi fleets or logistics fleets in emerging markets. More importantly, if cars can be tokenized, fleet operators could raise funds more cheaply than through loans. However, the white paper does not elaborate on how the financialization of car ownership will affect ordinary car owners or car prices.