Toyota Systems, the IT arm of Toyota Motor Corporation, is collaborating with Japanese cryptocurrency exchange DeCurret to develop a branded Toyota digital currency, according to an official announcement on Oct. 26.
The large-scale pilot will involve 2,500 employees at Toyota Systems.
The platform will feature digital currency payments for benefits.
According to the announcement, participating employees will be able to exchange the digital currency for benefits points or gifts from a catalog.
Toyota Systems noted that the digital currency cannot be exchanged for Japanese yen.
The new pilot uses DeCurret's proprietary blockchain-based platform for issuing and managing digital currencies.
The pilot will test the scalability of a peer-to-peer model on the blockchain as well as business issues related to payments to a large group of people.
Toyota has been actively exploring the blockchain industry, establishing its own Toyota Blockchain Lab in March 2020.
Toyota is not the only car manufacturer experimenting with blockchain and crypto.
In September 2020, Luxury carmaker Groupe Renault piloted its blockchain project intended to facilitate compliance certification of vehicle parts.
Toyota's IT arm works on digital token pilot with crypto exchange
Published on Oct 26, 2020
by Cointele | Published on Coinage
Coinage
Mentioned in this article
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.