Toyota Systems, the IT arm of Toyota Motor Corporation, in collaboration with Japanese crypto exchange ‘DeCurret’ to develop a branded Toyota virtual currency, consistent with an official anouncement revealed on 26th Oct.
The large-scale pilot will involve 2,500 employees at Toyota Systems. The platform will feature virtual currency payments for benefits.
In line with an official announcement, participating employees are going to be able to exchange the digital currency for benefits points or gifts from a catalog. Toyota Systems noted that the digital currency can’t be exchanged for Japanese yen.
The new pilot uses DeCurret’s proprietary blockchain-based platform for issuing as well as managing digital currencies. The pilot will test the scalability of a p2p model on the blockchain & business issues associated with payments to an outsized group of individuals.
Toyota has been actively exploring the blockchain industry, establishing its own Toyota Blockchain Lab in March 2020. The automotive joined the R3 consortium, a serious industry alliance, in 2016.
Toyota isn’t the sole car manufacturer experimenting with blockchain & cryptocurrency. Earlier in October, BMW Korea revealed it’ll be the primary branch in BMW Group to run a blockchain-based token trial that’s expected to completely launch it within the country by the end of 2020. Earlier in Sept this year, Luxury carmaker Groupe Renault piloted its blockchain project intended to facilitate compliance certification of auto parts.