Toyota Systems is conducting research on the utilization of digital currency in supply chain and B2B transactions
Japan, Nov. 15, 2020 /AlexaBlockchain/ – Toyota Systems, the IT arm of Toyota Motor Corporation, has partnered with Japanese cryptocurrency exchange DeCurret to develop its own digital currency under the Toyota brand.
It is a fairly extensive pilot project that will involve some 2,500 Toyota Systems employees. The platform will also offer crypto payments for services.
In addition, all participating employees will be able to exchange coins for gifts from a specific catalog or simply for benefit points. Toyota said that it will not be possible to exchange crypto for Fiat currencies such as the Japanese yen.
Car manufacturers will exchange crypto
As far as is known, the pilot project will use DeCurret’s own block chain-based platform for coin issuance and management. Another purpose of the pilot project is to test the scalability of the P2P model, but also issues related to payments to large groups of people.
Of course, this is not the first time that Toyota has done something about crypto and block chain technology. Since March this year, when the company officially established the Toyota Blockchain Lab, it has been researching the blockchain industry. And, as mentioned earlier, Toyota is far from being the only automaker that has decided to experiment with new technologies.
BMW Korea is another company that has recently announced that it will work with cryptography, and even announced a block chain-based token process earlier this month.
