Key Players in Sustainable Electric Cars: Togg and Their Use of Blockchain Technology
As the world embraces sustainable practices, electric cars are gaining popularity. Togg, a Turkish electric car manufacturer, has sold around 23,000 vehicles by Q2 of 2023. At the recent Swell conference, Togg discussed their open mobility ecosystem and their utilization of blockchain technology, specifically Ripple’s Metaco, to achieve their sustainability goals.
Swell Panel: Innovating for a Green Economy Shift
During the Swell conference, Ripple’s Head of Carbon joined Xange and Togg’s CEO to discuss innovation for an inevitable shift towards a greener economy. Xange offers carbon credits on the XRPL platform, while Togg is known for manufacturing electric cars. This panel aimed to unveil sustainable solutions that support a greener economy.
Togg’s Open Mobility Ecosystem
Togg has developed an open mobility ecosystem that goes beyond producing smart cars. Their CEO emphasizes building an interconnected system that collaborates with other services. This means Togg’s vehicles are part of a larger ecosystem providing users access to various services and data. For instance, users can access their service history, carbon footprint, and insurance claims through smart contracts.
Blockchain Technology Integration
Togg utilizes blockchain technology to achieve sustainability and create an open mobility ecosystem. Their system ensures bank-grade security for users while utilizing smart contracts to track data such as service history and carbon footprint. While currently using Avalanche C-Chain for smart contracts, they may explore using the XRPL for carbon credits and other data. Notably, Togg became the first mobility company to sign with Ripple Property Metaco for custody, enabling digital asset wallets.
Hot Take: Togg’s Impact on the Electric Car Industry
Togg’s commitment to sustainability and their integration of blockchain technology position them as a significant player in the electric car industry. As their open mobility ecosystem expands, it will be fascinating to witness how they continue leveraging blockchain to achieve their goals and provide users with valuable data. Their participation at Swell, along with Ripple’s carbon credit speakers, demonstrates Togg’s dedication to sustainability and the potential influence they can have on the industry.
Cino Gaperi stands out as a prominent crypto analyst, accomplished researcher, and adept editor, making significant contributions to the field of cryptocurrency. With a strong background in crypto analysis and research, Cino’s insights delve deep into the intricate aspects of digital assets, appealing to a diverse audience. His keen analytical skills are complemented by his editorial proficiency, allowing him to distill complex crypto information into easily digestible content.