Yesterday, Japanese blockchain consultancy BUIDL announced it completed a blockchain trial for vehicle and personal identity in collaboration with Toyota Blockchain Lab. BUIDL was acquired by the tokenization firm Securitize late last year.
Toyota Blockchain Lab is the virtual organization established within the Toyota Group. Earlier this week, Toyota announced it was looking to widen the reach of its blockchain initiatives and sought collaboration with external partners.
Toyota and BUIDL tested a personal blockchain ID infrastructure based on the concept of self-sovereign identity to enable consumers to manage their personal data. BUIDL said the personal ID could be used within the Toyota Group companies and with other firms in the future. The infrastructure enabled the creation of personal IDs, authentication of users using certificates, and digital signing of contracts using decentralized identity (DiD). Additional functionality includes payment processing by using personal ID for authentication as opposed to a user id and password.
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