Toyota Systems, the IT wing of Toyota Motor Corporation, is tying-up with DeCurret. It is a Japanese cryptocurrency exchange to develop a branded Toyota digital currency. On Oct. 26, Toyota Systems made an official announcement to enter into the crypto market. The Toyota- DeCurret team is planning to develop a branded Toyota digital currency.  The wholly-owned subsidiary of Toyota Motor Corporation is planning to develop and test a digital currency. This is part of a new pilot project with DeCurret.

Sources said this virtual currency piloting is starting a half-year-long company token experiment. They will begin with all staff members of Toyota Systems. Now the newly teamed up duo would initiate their journey. They would experiment with the utilization of blockchain technology and digital currencies. This will be a well-contemplated piloting initiative.

Toyota’s experiment with Blockchain and Cryptocurrency

As per DeCurrent, the pilot would be an extensive experiment involving 2,500  Toyota Systems workforce. The employees will be involved in making blockchain-based payment transactions for welfare benefits. They will also record, and manage collected data and shall focus on automation. The employees have the choice to swap these payments in digital currency for welfare points or gifts. Till now the digital currency cannot be exchanged for Yen. Toyota Systems has planned to branch out the use cases. This will be for virtual currency business dealings and supply chain management.

Supply chains are now being linked with blockchain technology across various industries.

This is not the first time Toyota Motors has made an experiment with blockchain technology. Since, May 2020, the Toyota research institute collaborated with the MIT Media Lab. They have been exploring blockchain technology to transform the mobility ecosystem.

The entry of Big Names continues…

The crypto coin and blockchain have been winning big corporate names in the last few months. PayPal has recently entered the crypto market with its high volume account holder base. Before that, we have seen the embracing of crypto by Square and MicroStrategy.

Toyota is also not the first car maker to explore blockchain and crypto. In October 2020, BMW Korea announced to run a blockchain-based token trial. It will be the first branch in the BMW Group to do so. The full launch is expected to be done by the end of 2020. In early last month, another motor company Groupe Renault started piloting its blockchain project. This was to assist compliance certification of vehicle parts. In September 2020, the US Air Force is planning to buy crypto-linked data from Chainalysis.

Big names like Microsoft, AT&T, Boatsters Black, Overstock, and Takeaway.com are already accepting cryptocurrency payments.

Conclusion

Gradually, Blockchain technology and Cryptocurrency are gaining more acceptance. This is because of their various useful features. The features that attract crypto enthusiasts are easy accessibility, user autonomy, user autonomy, and discretion. The low transaction fees for international payments, mobile payments, and flexibility are other factors. In recent months, we have witnessed the entry of big companies into the crypto market. It is expected that more names like Toyota would gradually enter into the crypto market and use blockchain to their best advantage.

Kayla Turner
Kayla Turner

Kayla is an adept article writer with vast hands-on experience in cryptocurrency and technology. She is outgoing and always looking for new challenges to conquer. Over the years, she has gain massive traction online for writing stellar content on cryptocurrency and blockchain technology in a crispy and easy to understand style. When she is not writing for the web, she loves spending quality time with friends, colleagues, and her family indoors and outdoors. Be sure to check out his profile online for more invigorating articles.

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