According to CoinWorld news, Japanese automotive giant Toyota is exploring the financialization of car ownership, transforming fleets into assets. Toyota is actively exploring the concept of car tokenization. On Tuesday, August 19, 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 a series of information. This information, including registration, manufacturing, and maintenance, can be bundled into proof on the network, turning into a token. Each vehicle will have its own NFT containing its entire history 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 vehicle. Toyota Blockchain Lab envisions several use cases for this network. First, vehicles are expensive. However, unlike housing, they have so far failed to escape the trend of financialization. By tracking their usage via a blockchain network, car ownership and usage rights do not have to be tightly linked. For example, car manufacturers can bundle multiple car NFTs into a fund, effectively enabling investment in fleets. Similar investment tools can be used to fund robo-taxi fleets or logistics fleets in emerging markets. More importantly, if cars can be securitized, fleet operators can raise funds more cheaply than through loans. However, the white paper does not detail how the financialization of car ownership would affect ordinary car owners or car prices.
