Automobile giant Toyota cooperates with cryptocurrency exchange to explore the use of digital currency and blockchain
Summary
Toyota Systems is exploring the use of digital currency and blockchain.
The IT subsidiary of Toyota Motor Corporation is experimenting with a white-labeled digital currency provided by Decurrent.
2,500 staff members are using this digital currency, which can be exchanged for benefit points or gifts.
Toyota Systems, a wholly-owned subsidiary of Toyota Motor Corporation, is experimenting with digital currency solutions provided by Japanese cryptocurrency exchange Decurret. Decurret is one of Japan’s largest cryptocurrency exchanges. According to reports, it hosted a digital currency research team at the Central Bank of Japan in June 2020.
The company focuses on IT, mainly experimenting with attempts to use automatic payments. The company uses white-labeled digital currency to provide services to 2,500 employees. Payments are for benefits, and employees can choose to exchange these payments for benefits points or gifts. However, it is currently not possible to exchange digital currencies for Japanese yen.
Looking ahead, it is reported that Toyota Systems intends to extend the use cases of digital currency to business transactions and supply chain management.
Supply chain and blockchain
More generally, the connection between supply chains and blockchain technology across multiple industries is getting closer. Earlier last month, it was reported that the U.S. Air Force was buying data related to cryptocurrencies from the well-known blockchain analysis company Chainalysis.
In addition to digital currency, this is not the first time Toyota has tried to use blockchain technology. Toyota Blockchain Lab is the company’s main virtual organization, and its mission is to facilitate Toyota’s transition to a “liquid company”.
The company stated in a prepared statement in May 2020: “With features such as highly tamper-resistant and anti-failure, blockchain technology can achieve secure data sharing between parties by improving the reliability of information. “
